Word: hannafin
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Some bankers are unhappy with the buddy system, but most of them admit that it has been effective. Richard Hannafin, marketing director for the East New York Savings Bank, says that about 3,000 new accounts have been opened since the bank introduced gifts for friends. More important, he believes, the giveaways have been instrumental in dissuading old customers from pulling their money out of the banks...
WALL STREET REFUGEE. "You knew that there was a Depression in the distant past, and you had it in your mind that this could happen again. But you never thought it would. Expense accounts were liberal, lunches were given, drinks flowed." That was the way it was for William Hannafin, 44, of Manhattan, before hard times hit the securities business...
When Blyth & Co. Inc., the brokerage firm for which he worked as a $25,000-a-year portfolio manager and drug-industry analyst, was merged in 1972 with Eastman Dillon Union Securities Inc., Hannafin lost his job. Like thousands of other Wall Street refugees, he is seeking work and failing to find it as more securities firms cut their staffs, merge or fold...
Five months ago, Hannafin, a bachelor with a law degree from Colum bia University, joined the Forty-Plus Club of New York, a nonprofit cooperative for executives and professionals who are seeking jobs. Each week four or five of the club's 130 members resign to take new jobs-but Hannafin does not know when he will become one of the lucky leavers. "My chances are considerably dimmer than other members of the club, the financial business being what it is," he says. "It's difficult to apply for a job in a totally unrelated field. The only...
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