First Boston faces cuts and shake-up
Saturday 11 February 1995
"They have a serious problem on their hands," said one American banking analyst. "The disaffection connected with integrating the various businesses has resulted in bonuses rising by up to 40 per cent and they are going to have to lay off up to 15 per cent of staff and kill bonuses to make ends meet."
A source close to the company said that on Monday the directors would consider leaving several financial areas including municipal bond trading and private client stockbroking. The London subsidiary would not be spared cuts, the source added.
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