Word: huttons
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Recent layoffs at large firms have also shaken student confidence in the banking field. Shearson Lehman Brothers bought E.F. Hutton this week and Business Week reported that many of E.F. Hutton's 18,000 employees will be "redundant" when the two corporations merge. Salomon Brothers lad off 800 workers this fall, Citicorp eliminated 1000 positions or one-tenth of their total employment, and Kidder Peabody also laid off 1000 workers...
Celebrities have been the most visible exemplars of the trend. Just a few: Mimi Rogers, 32, and Tom Cruise, 25; Debra Winger, 32, and Timothy Hutton, 27; Olivia Newton-John, 39, and Matt Lattanzi, 28. But ordinary folks are doing it in droves, as Houston observes in the recently published Loving a Younger Man (Contemporary Books; $17.95). Among the couples she interviewed, Houston found that the woman is usually over 30, divorced (from an older man) and often has children. Her younger partner typically grew up with a working mother and has sisters who also have careers. "He's familiar...
Polls seem to show that consumers are worried, but not enough to change their buying behavior very much. In a telephone survey of 800 adults conducted last week for E.F. Hutton by the polling firm Yankelovich Clancy Shulman, 66% of consumers said they were "more concerned about the economy" in the wake of recent financial turbulence. But only 36% said they were more likely to hold off making major purchases. In another survey, in which the New York Times polled 1,549 adults from Oct. 29 through Nov. 3, fully 52% of those interviewed said they thought the economy...
...rumors mounted by the hour as Wall Street lunged and lurched through its wildest week. Many of the country's biggest brokerage firms and investment houses were said to be in trouble, even sinking: E.F. Hutton; Merrill Lynch; First Boston; Goldman, Sachs. Speculation swirled so briskly around Hutton that President Robert Rittereiser had to assure employees that the firm's financial resources were "strong and fully adequate." Though similar reassurances echoed up and down Wall Street, they left many doubts. As the stock-trading chaos continued, what would happen to the $50 billion American securities industry...
...Newton Zinder, analyst for E.F. Hutton...