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Article: Red braces, pink slips: Wall Street. (investment banks)
- Article from:
- The Economist (US)
- Article date:
- February 18, 1995
CopyrightCOPYRIGHT 1995 Economist Newspaper Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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WALL STREET has never been renowned for offering job security. Quite the opposite. Investment banks hire droves of people during years of plenty and quickly fire them when times get tough. Such fickleness--or flexibility, depending on how you look at it--may help them to survive and prosper in the whirlwind environment of today's financial markets. But it may also have costs. As these firms prepare for another round of job losses, is there any sign that they are trying to learn from their troubled pasts?
At least two investment banks are living up to their hire-and-fire reputations. On February 13th CS First Boston said that it intended to axe roughly 1,000 jobs, or ...