Financial Services Industry
Industry: Email Alert RSS FeedBear rampage takes big bite out of industry.
Investment News, March, 2001 by Miller, Rick
* Downturn mauls financial services The bear broke free of its cage briefly last week, and before it could be tranquilized, financial services companies -- and their work forces -- got mauled. To stanch its bleeding profits, Charles Schwab Corp. in San Francisco announced Thursday that it would lay off the equivalent of up to 3,400 full-time employees -- 13% of its work force -- beginning next quarter.
Other firms that so far have held back from slashing staff, such as Schwab's online brokerage rivals E*Trade Group Inc. and TD Waterhouse Group Inc., may soon follow its lead, says Greg Smith, e-finance analyst with J.P Morgan H&Q in San Francisco. "I think everyone's worst fears came true," says Mr. Smith, "that the bubble that was forming...
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