Fairfield-based Cambridge Investment Research, Inc. has filed a mass layoff notice with Iowa Workforce Development, listing November 11th as the layoff date for employees at its home office location at 1776 Pleasant Plain Road.
The notice was filed October 12th under Iowa’s WARN Act notification requirements, which requires companies to provide advance notice of mass layoffs to the state.
In a statement, the company said the layoffs are part of a broader organizational realignment. Cambridge said the realignment affects 60 home office associates — approximately 6% of its home office workforce — though the Iowa Workforce Development’s WARN notification lists 33 employees affected at the Fairfield location.
“As part of an ongoing review of our organization and the capabilities Cambridge needs for the future, we made the difficult decision this week to separate from 60 home office associates,” the company said in a statement provided by Vice President of Marketing and Communications Laura Rawson. “This decision reflects changes we are making to our organizational structure, roles, and capabilities to support the firm’s strategic direction and the evolving needs of our advisors and their clients.”
The company noted the cuts are not intended as a cost-saving measure. “These actions were not designed to reduce Cambridge’s overall staffing levels or as a cost-cutting measure, and the positions themselves are not being eliminated,” the statement read.
Cambridge said it does not expect the changes to impact service to financial advisors or their clients, and expressed gratitude to those affected. “We are grateful for the contributions of the associates affected by this week’s decisions and recognize the impact on them, their families, and their colleagues.”
Cambridge Investment Research is one of Fairfield’s larger employers and is among the nation’s largest independent broker-dealers.
