More Jobs to Be Cut as City Faces Massive Shake-Up ; NEWS ANALYSIS after the Champagne Days of the Nineties Bull Market and Dot.com Boom, the Banking Bubble Has Burst
Chris Hughes Financial Editor, The Independent (London, England)
THE SQUARE Mile shrank a little more yesterday after Merrill Lynch, the giant US investment bank and world's largest stockbroker, said it was accelerating an aggressive cost-cutting programme that has seen the loss of 6,100 jobs this year. Could it be that continuing City redundancies are a sign that the investment banking industry is not just shrinking, but in the throes of more fundamental change?
The City is suffering a terrible hangover following the excesses of the 1990s bull market which culminated in the dot.com boom. Megadeals such as Vodafone's takeover of the German telecoms giant Mannesmann, and Glaxo Wellcome's marriage with SmithKline Beecham, generated …
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Publication information: Article title: More Jobs to Be Cut as City Faces Massive Shake-Up ; NEWS ANALYSIS after the Champagne Days of the Nineties Bull Market and Dot.com Boom, the Banking Bubble Has Burst. Contributors: Chris Hughes Financial Editor - Author. Newspaper title: The Independent (London, England). Publication date: October 19, 2001. Page number: 22. © 2009 The Independent - London. Provided by ProQuest LLC. All Rights Reserved.
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