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Salomon Cuts 100 Jobs in Debt Department

October 16, 1998| Bloomberg News

Salomon Smith Barney Inc. said it cut 100 jobs in U.S. bond trading, research and sales in New York to reduce costs as the securities firm loses money trading in global markets. The cuts, begun Wednesday, are in all areas of the debt department, Salomon said. The firm is expected to fire additional employees in its equities and investment banking units, said people familiar with the firm. The third-biggest U.S. securities firm by capital lost about $700million related to global arbitrage and Russia's default in August, which sent bond markets worldwide tumbling. The job cuts also are a result of the merger between Salomon's parent company, Travelers Group, and Citicorp last week, forming Citigroup Inc. Citigroup had said it will cut 8,000 jobs to eliminate overlap. New York-based Citigroup's shares rose $4.19 to close at $39.81 on the NYSE.

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