First Boston Lays Off 200 More Workers
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From Reuters
NEW YORK — First Boston Corp. on Monday told its employees that it is cutting about 200 jobs due to poor conditions in the securities business.
The figure brings to 1,000 the number of jobs cut at one of the most prestigious Wall Street houses since the October, 1987, crash, leaving total employment at about 4,700. First Boston has had periodic layoffs since the Crash.
Employees were given the bad news through a memo from William Mayer, president and chief executive.
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