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Article: Street starts to to cut investment banking fat.(layoffs expected)(Brief Article)
- Article from:
- Investment Dealers' Digest
- Article date:
- January 15, 2001
- Author:
CopyrightCOPYRIGHT 2001 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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Firings, not hirings, seem to be the Wall Street watchword for 2001. Last week three financial institutions announced investment banking layoffs in what is expected to a industry-wide effort to trim bloated staffs now that the markets have turned, and the global economy is slowing. Merrill Lynch & Co. and Banc of America Securities each said they would eliminate 60 jobs, with Merrill's cuts coming in its research department and BofA laying off investment bankers. J.P. Morgan Chase said it would lay off 100 people in its London investment banking unit, as part of the cuts expected from the consolidation of the two banking giants.
The problem, say recruiters, is ...