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The axe is swinging at AllianceBernstein (NYSE:AB), which likely hasn't seen a profitable quarter in years. The company announced it had canned a total of 237 people, lowering headcount to 4,760 at March 31, from 4,997 in December, and another 75 are expected to be sacked any minute. Among the 237 were 31 investment professionals, including analysts, PMs, CIOs, directors of research and traders. Presumably these are the 31 that watch Cramer for investment advice and start every conference call Q&A with the words "Great quarter..."

The lucky 4,760 who are still left at AB should not get too comfy - after all they work at a company that is not allowed to short securities in the biggest bear market in 70 years.

Source: AllianceBernstein Tightens Investment Belt