Word: backshop
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Dates: during 1990-1999
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Weill, who began his career as a Wall Street runner and is universally known as "Sandy," now faces the task of melding the freewheeling Salomon culture into the more cautious Travelers empire. Layoffs seem inevitable. Analysts estimate that as many as 2,000 overlapping jobs--mostly in "backshop" trade-clearing slots--could vanish from a total of 34,000 positions at Salomon and Smith Barney...