Salomon lay-offs

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The Independent Online
SALOMON SMITH BARNEY is laying off about 100 equity personnel this week, mostly in New York, a Salomon spokeswoman said yesterday.

The cuts are related to the recent merger of the securities firm's parent, Travelers Group, with Citicorp to form Citigroup. They also stem from world market turmoil. Citigroup has said it would lay off 8,000 employees, or 5 percent, of its world workforce.

The spokeswoman said the layoffs would affect about 100 equity capital markets personnel in such areas as sales and trading, the bulk of them in New York.