Hahn, Avital Louria; Lugo, Denise
June 2003
Investment Dealers' Digest;6/23/2003, Vol. 69 Issue 25, p4
Trade Publication
It's a truism that Wall Street, New York City-based companies always hire employees in large numbers in prosperous times, and dismiss them in bad times. So with economic recovery a very real possibility — equity issuance beginning to increase, mergers and acquisitions fees reportedly rising, according to one banker who specializes in smaller deals, and the Nasdaq up 25% this year — how does the Street respond? UBS AG last week announced it would fire 500 of its global staff, mostly in Europe, and Citigroup Inc. and Credit Suisse First Boston Corp. are in the midst of laying off a number of bankers. It's possible that the Street may have more cuts ahead in areas like equities trading, where one trader admitted that automation has become so efficient that there are still way too many traders at his firm with too little to do. Unlike its rivals, UBS has resisted broad-scale job cuts in its investment banking division, instead dismissing employees in such areas as pan-European equity research. UBS will also adopt a new structure similar to one adopted in Europe last October by Lehman Brothers Inc., which is creating a smaller, centralized team that will support all sectors of investment banking, eliminating multiple support staff for each industry sector in Europe.


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