Wall Streeters are preparing for layoffs

Article Abstract:

Merrill Lynch and Co., Citigroup Inc.'s Salomon Smith Barney and Bankers Trust Corp. are gearing up for a series of layoffs of thousands of employees that, according to industry analysts, may be a sign of things to come for Wall Street. The securities companies are trying to cut expenses following losses associated with economic turmoil in Russia and Asia. Industry analysts have said that the mood through the securities is dismal as many other investment companies have begun to implement cost cutting measures.

Comment:

Will layoff thousands of employees, following losses associated with economic turmoil in Russia and Asia

Labor force information, Company Personnel, Salomon Smith Barney Holdings Inc., Merrill Lynch & Company Inc., Bankers Trust Corp.

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Goldman shelves indefinitely its IPO

Article Abstract:

Goldman, Sachs & Co. announced that it is indefinitely withdrawing its plan for a initial public offering. The company has been hurt by the instability in financial markets. The co-chairman and co-CEO of Goldman, Jon S. Corzine, primarily blamed the unstable markets for the termination of the company's IPO. Goldman will instead announce new partners and a series of promotions in October 1998.

Comment:

Announces it is indefinitely withdrawing its plan for a initial public offering

Strategy & planning, Company Planning/Goals, Goldman Sachs and Co.

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