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Securities Industry Layoffs

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BUSINESS
March 6, 1990 | JAMES RISEN, TIMES STAFF WRITER
The Roaring '80s--the decade of ambition, of excess and, yes, of greed--is finally ending. It is ending a few weeks after the calendar actually turned, and not with a bang but with a bankrupt thud: The demise of Drexel Burnham Lambert--the money machine largely responsible for driving junk bond takeover mania--gives the dawn of the decade the feel of a bank vault slamming shut.
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BUSINESS
March 23, 2001 | From Bloomberg News
Charles Schwab Corp., which doubled its work force the last three years, will eliminate as many as 3,400 jobs because plunging stocks have prompted customers at the largest U.S. online broker to reduce trading. San Francisco-based Schwab also scaled back forecast earnings for the second time in a week. It will take a charge of $70 million to $100 million in its second quarter to account for the job cuts, an amount equal to estimated first-quarter earnings.
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BUSINESS
November 8, 1998 | THOMAS S. MULLIGAN, TIMES STAFF WRITER
Rocked by global financial markets' extraordinary chaos of recent months, Wall Street is taking the knife to its payrolls. The litany of recent layoff announcements by major brokerages, banks and other players has raised memories of the blood bath that followed the 1987 stock market crash--a four-year retrenchment by the securities industry that saw more than 30,000 jobs evaporate in New York alone. This time, however, the toll isn't expected to be nearly as severe. Although the rebound in U.S.
BUSINESS
November 8, 1998 | THOMAS S. MULLIGAN, TIMES STAFF WRITER
Rocked by global financial markets' extraordinary chaos of recent months, Wall Street is taking the knife to its payrolls. The litany of recent layoff announcements by major brokerages, banks and other players has raised memories of the blood bath that followed the 1987 stock market crash--a four-year retrenchment by the securities industry that saw more than 30,000 jobs evaporate in New York alone. This time, however, the toll isn't expected to be nearly as severe. Although the rebound in U.S.
BUSINESS
May 18, 1992 | From Times Staff and Wire Reports
Commodity Exchange to Cut Staff: The Comex, responding to the sluggish markets for gold and silver, will cut its staff by about 8% through a combination of layoffs, attrition and leaving vacant positions open. The reductions will occur across the board and will result in the layoffs of five people on Comex's 206-person staff. The remaining 12 reductions will occur through attrition and not filling vacancies, said David Halperin, Comex president.
BUSINESS
April 3, 1990 | From Reuters
Shearson Lehman Hutton Inc. said Monday that it will post a massive loss of $900 million in the first quarter, due to losses from operations and a restructuring charge believed to be the largest ever by a Wall Street firm. The charge was widely expected after American Express Co., Shearson's majority shareholder, said last month that it would buy the remainder of Shearson and launch a crash program to turn the troubled brokerage around.
BUSINESS
March 6, 1990 | SCOT J. PALTROW, TIMES STAFF WRITER
American Express Co. is expected to order a significant number of layoffs--perhaps two or three times the 2,000 already announced--at its troubled Shearson Lehman Hutton brokerage unit in an attempt to stem losses, insiders and securities industry analysts said Monday. In the wake of American Express' announcement Sunday that it will buy all shares of Shearson that it doesn't already own, the firm is expected to move swiftly to streamline the unit.
BUSINESS
January 23, 1990 | SCOT J. PALTROW, TIMES STAFF WRITER
Merrill Lynch & Co., severely battered by the prolonged downturn in the securities industry, said Monday that it was reporting a significant net loss for its 1989 fourth quarter and the full year because of a $395-million after-tax charge to cover costs of restructuring its operations. The firm, the nation's largest securities brokerage, said the charge resulted in a net loss for the fourth quarter of $361.8 million, contrasted with a profit of $275.8 million for the same quarter a year ago.
BUSINESS
January 16, 1990 | From Associated Press
Merrill Lynch & Co. will cut about 3,000 jobs in 1990 that will include another round of layoffs at the nation's largest brokerage, officials said Monday. Merrill spokesman Fred Yager said reductions will be spread throughout the year and occur through layoffs, attrition and selling off businesses. The firm announced plans for across-the-board trims in November.
BUSINESS
May 18, 1992 | From Times Staff and Wire Reports
Commodity Exchange to Cut Staff: The Comex, responding to the sluggish markets for gold and silver, will cut its staff by about 8% through a combination of layoffs, attrition and leaving vacant positions open. The reductions will occur across the board and will result in the layoffs of five people on Comex's 206-person staff. The remaining 12 reductions will occur through attrition and not filling vacancies, said David Halperin, Comex president.
BUSINESS
February 8, 1991 | TOM PETRUNO
If you have any doubt that people are deeply troubled over the economy and the war, consider this: The public has suddenly begun stashing cash--literally hoarding hard currency. Currency in circulation had leveled off at about $245 billion in the fall. Then, in late December, the total began surging. By Jan. 28, the latest figures available, cash held had jumped to $254.3 billion, Federal Reserve Bank of St. Louis data show.
BUSINESS
November 29, 1990 | From Reuters
Merrill Lynch & Co., the nation's largest brokerage firm, has told its staff that it will freeze hiring and halt merit pay increases, citing a worsening market. The brokerage said it expects pressure on profits to intensify because of "the continued uncertainty in the Middle East and weakness in the U.S. and other economies," according to an internal memo dated Nov. 19. A copy of the memo was obtained by Reuters.
BUSINESS
November 9, 1990 | TOM PETRUNO
The broom is about to sweep through many Southland brokerages, as Wall Street again cuts staff to deal with its continuing business slump. To many corporate treasurers, money managers and individual investors, the latest purge of brokers and investment bankers may just seem like more comeuppance for an industry that enjoyed an orgy of riches in the 1980s. But the new round of layoffs may hurt more than those getting the pink slips.
BUSINESS
November 7, 1990 | From Associated Press
Prudential-Bache Securities Inc. plans to lay off up to two-thirds of its investment banking professionals, sources said Tuesday, as the chairman of the Wall Street firm declared that "business stinks." The cuts at the investment bank that touts itself in ads as "rock solid, market wise" are the latest in the securities industry's devastating recession. Altogether, the industry has lost more than 45,000 jobs since 1987. Meanwhile, the owners of struggling CS First Boston Inc.
BUSINESS
May 31, 1990 | KATHY M. KRISTOF, TIMES STAFF WRITER
Kemper Corp., the parent of Los Angeles-based Bateman Eichler, Hill Richards Inc., added its name to the long and growing list of companies that are paring their brokerage operations to cope with the continuing slowdown in the securities industry. Kemper, which owns five regional brokerage houses with 5,200 employees, said it will lay off 600 workers and take a $126.
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