U.S. investment firm AllianceBernstein cuts research team

HONG KONG -- U.S. investment manager AllianceBernstein started cutting jobs in late February amid plans to form joint ventures with French bank Societe Generale.

The New York-listed investment firm is letting go at least 47 people in Asia and Europe under Bernstein Research Services, according to a person with direct knowledge of the matter. Some 10 people in the Hong Kong office, including research analysts, salespeople and traders focusing on China and Hong Kong, are impacted, while the rest of the job cuts are in Europe, including 20 analysts, eight salespeople and nine traders.