IN BRIEF: Warburg sacks 80 derivatives staff

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The Independent Online
Warburg sacks 80 derivatives staff

SG Warburg has sacked around 80 staff working on its derivatives activities, sources at the bank said ."There has clearly been a big reshuffle," said one Warburg employee. The job losses come days after the collapse of Barings with losses incurred on derivatives trading in the Far East. Two months ago Warburg stunned finanacial markets by withdrawing from most international debt markets, sacking around 180 staff in the process.