|
Robertson Stephens cuts
|
 |
March 26, 2001: 3:02 p.m. ET
FleetBoston securities unit will cut 80 jobs, or 5% of its work force
|
NEW YORK (CNNfn) - Robertson Stephens, the securities unit of FleetBoston Financial Corp., confirmed Monday that it will lay off about 80 people, or 5 percent of its work force, during the first part of this week.
The majority of the cuts are from investment banking and infrastructure divisions. The San Francisco-based securities firm cited poor market conditions for the layoffs.
Robertson Stephens is known as a powerhouse for technology issues but so far this year has served as lead underwriter on only one IPO, the offering by Verisity Ltd. (VRST: Research, Estimates), which gained 14 percent last week. By March of last year, Robertson Stephens had served as lead-bookrunner on 15 IPOs, according to data from CommScan, a New York-based investment banking firm.
 Including the cuts expected this week, Robertson Stephens will have chopped about 11 percent of its 1,500-member workforce this year, a spokeswoman said.
News of the job cuts comes as Wall Street firms are downsizing in the face of slumping equity markets.
Earlier this month, Morgan Stanley Dean Witter & Co. asked managers of various divisions to compile lists of employees who could be laid off. Bear Stearns is laying off 400 employees, or more than 3 percent of its work force, as part of its restructuring effort. Charles Schwab (SCH: Research, Estimates) also said last week it would cut 13 percent of its work force.
Shares of Morgan Stanley (MWD: Research, Estimates) lost 1 cent to $53.50 Monday afternoon, Schwab rose 24 cents to $16.24, and Verisity rose 69 cents to $9.06. FleetBoston (FBF: Research, Estimates) dropped 1 cent to $36.14. 
|
|
|
|
|
 |
|
