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Christie's to cut 60 jobs
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January 16, 1998: 1:29 p.m. ET
Internal review at auction house comes amid talks with Swiss Bank
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NEW YORK (CNNfn) - Christie's International PLC has completed an internal review of its operations that will result in the elimination of 60 positions, the London-based auction house said Friday.
The layoffs, which represent about 3 percent of Christie's worldwide staff of 1,900. According to an internal memo, 35 positions will be affected in New York and 25 in London.
The review comes amid ongoing talks between Christie's and Swiss Bank Corp., which emerged as a mystery bidder in December. SBC reportedly wants to acquire Christie's for as much as $800 million.
"Over the past month, Christie's International has been reviewing its operations to ensure further efficiencies in a number of areas, including cost control, organization structure and profitability," the document said.
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