Limey, go home. (Barclays de Zoete Weld lays off former Drexel Burnham Lambert employees that they hired barely a year ago)

Economist (US), The, April, 1991

WHEN Britain's Barclays de Zoete Wedd (BZW), the investment-banking arm of Barclays Bank, snapped up 40 American share salesmen and analysts from a recently defunct Drexel Burnham Lambert, there was much waffle about global" equity strategies and the like. By dumping the new arrivals less than a year later, BZW, chaired now as then by Sir Martin Jacomb, has shown up its American adventure for the opportunistic grab it was.

The episode is another reminder of just how shaky are the foundations upon which the international aspirations of many of the City of London's securities houses are built. When Drexel's former equity head, Arthur Kirsch, let it be known last spring that Drexel's entire American-equity department might be had as a going concern, BZW did not...

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