Financial Services Industry
Industry: Email Alert RSS FeedAnother Round of Layoffs in Trading.(SG Cowen downsizing)(Brief Article)
Traders, January, 2003 by Chapman, Peter
SG Cowen is winding down its trading activities in Chicago.
The unit of French bank Societe Generale will cease to operate as a specialist on the Chicago Stock Exchange. Cowen will also exit options trading at the Chicago Board Options Exchange. The decision will result in about 25 layoffs.
The move follows SG Cowen's sale of its retail brokerage business to Lehman Brothers about two years ago. Both the latest layoffs and the sale reflect the parent's plan to focus exclusively on investment banking as well as sales and trading services for institutions. CHX specialists largely process retail order flow. The bank bought Cowen & Co. in 1998 for its research and banking expertise.
Cowen cannot completely shake its retail past. Both Cowen and...
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