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Article: Chemical Securities to close muni division; 50 jobs lost.
- Article from:
- The Bond Buyer
- Article date:
- January 17, 1996
- Author:
CopyrightCOPYRIGHT 1996 SourceMedia, Inc. 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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Chemical Securities Inc. announced yesterday that it will close its municipal underwriting and trading divisions, with the loss of about 50 jobs.
The action by the broker-dealer arm of Chemical Banking Corp. makes it the latest in a string of major firms to shutter their municipals divisions.
The decision to close the municipal securities group is effective as of Jan. 31 and was announced to the division's employees in a meeting yesterday afternoon, sources in the municipal division said.
The job losses were confirmed by a Chemical spokesman.
The announcement comes just four months after officials at the bank denied that they would close the ...