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 …
The rest of this article is only available to active members of Questia
Sign up now for a free, 1-day trial and receive full access to:
- Questia's entire collection
- Automatic bibliography creation
- More helpful research tools like notes, citations, and highlights
- Ad-free environment
Already a member? Log in now.
Questia, a part of Gale, Cengage Learning. www.questia.com
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.
This material is protected by copyright and, with the exception of fair use, may not be further copied, distributed or transmitted in any form or by any means.
One moment ...
- Georgia
- Arial
- Times New Roman
- Verdana
- Courier/monospaced
Reset