Word: crash
(lookup in dictionary)
(lookup stats)
Dates: during 1980-1989
Sort By: most recent first
(reverse)
...their employer's misery, they immediately began recruiting First Boston co-workers and clients. Their departure, while certainly the most dramatic Wall Street split in years, is only one episode in a broader upheaval and personnel shuffle taking place on the Street. In the wake of October's crash, hefty trading losses and a slowdown in business have forced investment firms to cut back their payrolls and curb their appetites for expansion. At the same time, the First Boston episode highlights an increasingly common Wall Street struggle between the traders who buy and sell securities and the dealmakers who negotiate...
...struggle between traders and bankers suggests that many Wall Street firms are facing an identity crisis. In recent years many brokerage houses have tried to become global giants to provide a complete range of financial services. But the crash has made that goal far more difficult for most firms. A growing number of Wall Streeters now see a virtue in providing more customized services on a smaller scale. Says William Rifkin, a managing director of the giant Salomon investment firm: "This industry is becoming one of boutiques and behemoths...
...economy's strength is confounding the pessimists. Though many analysts expected the October stock-market crash to bring economic growth to a halt, the Government said last week that during the final three months of 1987, the U.S. economy expanded at a robust 4.2% annual rate. The surge was propelled in part by the falling dollar, which enabled American manufacturers to sell more goods overseas. The volume of exports grew 20% during 1987, while import growth slackened to less than...
Computer-launched program trades have been widely blamed for the severity of the Oct. 19 crash. Most analyses of Black Monday, however, have assumed that the stock-exchange computers on the receiving end of the selling torrent held up fairly well. Not so, says a report released last week by the General Accounting Office, the congressional investigative arm. According to the GAO, the computer systems that handle securities trading on the New York Stock Exchange suffered repeated breakdowns the week of the crash, adding significantly to the confusion and fueling the selling panic. "The October crash was a crisis that...
...reasonably good position for a major downturn, but there will still be an absolute reduction in the wealth of Harvard," --Walter M. Cabot '55, head of Harvard Management Co., after October's stock market crash. (10/20/87...