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AllianceBernstein mostly mum on sacking of chairman and CEO; shares -3.4%

Published 05/01/2017, 03:31 PM
© Reuters.  AllianceBernstein mostly mum on sacking of chairman and CEO; shares -3.4%
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  • "In an industry that is confronting significant shifts, we need to continue transforming the business to improve the quality of our investment solutions while delivering our services more effectively,” says AXA's (OTCQX:AXAHY) Denis Duverne.
  • Paris-based AXA owns 63.8% of AllianceBernstein (AB -3.4%).
  • Citigroup (NYSE:C)'s William Katz isn't buying the spin, suggesting a personal conflict drove the sudden change.
  • "I don’t think it’s relevant to make a comment about — I just don’t comment about the past,” said Duverne when another analyst pressed him on the firing.
  • Previously: Management and board shakeup at AllianceBernstein (May 1)
  • Now read: Buy Allianz (DE:ALVG) For Its 4.5% Yield


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