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Article: Investment houses pare staff; With deals down, LaSalle St. firms retrench.(Merrill Lynch & Co., William Blair & Co. LLC, Morgan Stanley, Lazard Freres & Co. LLC and U.S. Bancorp Piper Jaffray Inc. announce layoffs)(Brief Article)(Statistical Data Included)
- Article from:
- Crain's Chicago Business
- Article date:
- November 26, 2001
- Author:
CopyrightCOPYRIGHT 2001 Crain Communications, 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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Another round of layoffs is sweeping through LaSalle Street's investment banking community, and it likely won't be the last. Firms aren't waiting to conduct year-end assessments to see where they stand relative to business lines that have come to a virtual standstill.
Merrill Lynch & Co. made the most dramatic pre-Thanksgiving move, slashing about 40% of its investment bankers here and eliminating two whole industry-specific practices, according to investment banking sources. One Merrill insider here says the number of banking positions dropped to 30 from 50, accomplished through layoffs and early retirements.
But Merrill isn't alone.
After ...