Word: shearson
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Most recently, the investment giant MorganStanley & Company revealed that it was eliminating50 of its 800 investment banking jobs. In pastweeks, similar announcements have been made byPaine Webber Inc. and Shearson Lehman, two of thenations largest investment firms...
...other segments of the financial industry. Most important, few major corporations still borrow from banks; they float their own commercial IOUs. When banks looked for borrowers elsewhere, they ran into one bad risk after another, most notably the Third World countries. Says Katherine Hensel, a banking analyst for Shearson Lehman Hutton: "Just look at the legacy here. On the heels of the ((Third World)) debt problem, other pieces of the pie are beginning to fall apart for banks, such as real estate, LBOs and other highly leveraged transactions. These were pieces of the puzzle that were supposed to generate solid...
...Rhodes scholarship to Magdalen College at Oxford. His classmate Bill Bardel, now a managing director of Shearson Lehman Hutton, recalls that Souter belonged to a group that would return so late to their rooms after visiting the local pubs that they would have to climb a ladder to get over the locked gates. Back at Harvard Law School, Souter played the role of courtly gentleman, wearing a three-piece suit to parties and telling stories in his strong New England accent. Says Levine: "No one I've ever met is more fun at a party; he has that British satirical...
...like everyone I know is going to law school. There are plenty of other options. Some of the people at the "Reunion at the Union" a few Sundays ago were talking Shearson Lehman and Goldman Sachs. And some of them don't even act guilty...
American Express has tried for months to sell part of its 60% stake in the firm. The financial giant even talked with Sanford Weill, the former head of Shearson who sold the brokerage to American Express in 1981. Finally, with no buyers in sight, Chief Executive James Robinson announced last week that American Express would purchase the rest of Shearson from shareholders in a stock-swap deal valued at $350 million. The parent company plans to cut its losses by rapidly shrinking its subsidiary. Last week it began laying off 2,000 of Shearson's 35,500 employees...