Ameriprise Financial plans 300 layoffs in Minnesota

Ameriprise Financial plans to cut about 300 jobs in Minnesota. The Minneapolis-based financial services company revealed the cutbacks in a Securities and Exchange Commission filing Tuesday.

Ameriprise spokesman Benjamin Pratt declined to be recorded for broadcast and would not say how many jobs will be eliminated company-wide. Pratt said the 300 Minneapolis job cuts come from among five-thousand Twin Cities employees.

Pratt said some of the cuts result from consolidation following last year's acquisition of H & R Block Financial Advisers.

But, he says the largest factor is the condition of the markets, which he described as dreadful. He said things got significantly worse for Ameriprise in the fourth quarter and the company foresees the recession lasting through 2009.

He added that, for a company that earns fees on the value of its assets, last year's drop of nearly 40 percent in the S & P 500 had a huge impact.

Ameriprise Financial will release its fourth quarter and total year earnings report next week.