Vanguard Group "looks for reasons to fire", claims report
Fund industry website Ignites.com says unnamed Vanguard employees report an increasing in firings for cause, while other mutual fund companies announce layoffs.
Vanguard founder John Bogle retired in the 1990s, but he's still acting as the firm's chief spokesman, with free ink in the Inquirer and the national financial press. But the people actually running Vanguard, newly promoted chief executive F. William McNabb 3d and chairman Jack Brennan, keep a lower public profile. They prefer one-way messages to Vanguard shareholders, instead of the public battle of ideas, where Bogle excels.
Here's a summary of remarks by Brennan to a recent industry gathering in Philadelphia. More about Brennan's leadership within the fund industry, here.