Today’s report that Russell Investments is cutting its global workforce by 20 percent – with perhaps 200 jobs disappearing in Tacoma – is a double whammy.
It’s not only a loss of payroll for the community. Local nonprofit groups accustomed to generous grant support from Russell will suffer, too.
Unannounced, but certainly no secret, is the company’s decision to drastically curtail its charitable contributions. The company will refocus its charitable giving on “financial literacy” efforts.
In “decline” letters that went out recently to local non-profits seeking grants, Julia Garnett, the company’s corporate giving manager, explained:
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