MONY Cuts 155 Brokerage-Processing Jobs At Advest

NU Online News Service, June 1, 2:15 p.m. – The MONY Group Inc., New York, says its newly acquired Advest Inc. financial advisory subsidiary will be eliminating 155 jobs by outsourcing the majority of its brokerage processing operations.

Advest will also try to cut costs by putting MONY in charge of its computers, networks and software, MONY says.

The changes could save as much as $12 million a year starting in 2002, MONY says.