Word: shearson
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...Hutton, on the other hand, sold itself to Shearson Lehman Bros. for about $1 billion. That will create a brokerage giant with $5.4 billion in capital, second in the U.S. only to Merrill Lynch's $8 billion, and a sales force of 12,300, larger by 800 than the thundering herd...
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...
...crash, which merely wounded Wall Street's stronger firms, was a staggering blow for the weakened Hutton. "The events of the last few weeks have altered the conditions under which we compete," said Rittereiser. "Prudence requires that we pursue this course." The most likely buyer may be Shearson Lehman Bros., which offered some $1.6 billion for Hutton a year ago. Now the price may be much lower: an estimated $1 billion. Several other firms, among them Dean Witter and Merrill Lynch, are said to be talking with Hutton. One possibility is that the company's departments will be sold separately...
...emerged from the crash notably tarnished. George Soros, 57, who until Black Monday was regarded as one of the canniest investors in Wall Street history, saw his Quantum Fund drop some 36%, to $1.67 billion. Other stars emerged overnight. Elaine Garzarelli, 36, a research analyst and fund manager for Shearson Lehman Bros., had emphatically predicted a collapse exactly one week before Black Monday in an interview on Cable News Network. Her stock fund, the Sector Analysis Portfolio, reportedly gained 5% during the week of the crash because Garzarelli had moved the fund out of stocks and into cash and Treasury...
...amid all the gloom, some firms found a few rays of hope glimmering for the future. Shearson reported opening a record 9,000 new customer accounts in one day last week. "We think this was a flight to quality," said Shearson Chairman Peter Cohen. "People are feeling that it's probably better to be housed in big firms rather than smaller ones." Whatever the reason, the new business was balm to the brokerage that announced last month it was firing 150 workers in its London offices and cutting back its trading of municipal bonds...