Word: salomone
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Recent layoffs at large firms have also shaken student confidence in the banking field. Shearson Lehman Brothers bought E.F. Hutton this week and Business Week reported that many of E.F. Hutton's 18,000 employees will be "redundant" when the two corporations merge. Salomon Brothers lad off 800 workers this fall, Citicorp eliminated 1000 positions or one-tenth of their total employment, and Kidder Peabody also laid off 1000 workers...
...backlog of sell orders has accumulated from Friday, when damage from one of Britain's worst windstorms kept many dealers home. That day's selling gusts from New York make things even worse. Says Christopher Dark, a manager of Salomon Brothers' London branch: "I keep thinking about the little man with the sign saying THE END OF THE WORLD IS NIGH...
...tale from last week? Not quite. Fox is a character in Wall Street, a film directed by Oliver Stone (Platoon) and scheduled for December release that uncannily captures the real Wall Street's current mood. Says Kenneth Lipper, a former partner at Salomon Brothers and the movie's chief consultant: "There is a brooding omnipresence that the prosperity on Wall Street is headed toward a cataclysmic end." Stone, however, downplays the parallels. "You see the shadow of the crash, but Wall Street is the story of an individual...
...Lynch for an undisclosed sum. Also merged out of existence was W. Damm M. Frank & Co., an American Stock Exchange specialist that traded in 30 Amex stocks before the crash. The firm was acquired by Bear, Stearns. That could be only the beginning. Says Samuel Liss, an analyst at Salomon: "We are going to see more specialist firms merging with better-capitalized parents...
...process, a whole new growth industry may have been born. Smith was followed into the business by Basil Vasiliou, a former Bear Stearns colleague, who launched a competing firm last year. In the meantime, several full-line investment houses, including Goldman Sachs and Salomon Brothers, have set up special distressed-security units...