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Strategies & Market Trends : VOLTAIRE'S PORCH-MODERATED -- Ignore unavailable to you. Want to Upgrade?

To: Dalin who wrote (36200)	4/24/2001 5:16:33 PM
From: freeus	Respond to of 65232

I think I heard on the radio that so far 57% of the companies reporting are beating (lowered) expectations. Not sure what that means for us, when the expectations have been lowered. Freeus

To: Dalin who wrote (36200)	4/24/2001 6:12:17 PM
From: stockman_scott	Respond to of 65232

The Houses are Downsizing...fyi... ---------------------------------------------- Morgan Stanley to Shed 1,500 Jobs Tuesday April 24 5:37 PM ET By Alexander Smith and Bill Rigby <<LONDON/NEW YORK (Reuters) - U.S. investment bank Morgan Stanley told its staff on Tuesday it was cutting around 1,500 jobs in response to the global economic slowdown, the largest reduction among rival banks to make such cuts. The group employs 63,500 people globally and staff have been told the bulk of the lay-offs will be in the United States within the investment management and securities divisions. The lay-offs will amount to about 4 percent of these two divisions, a source familiar with the plans told Reuters. Other global investment banks -- including rivals Goldman Sachs and Merrill Lynch -- are also reducing their staff in the face of a marked decline in business resulting from the slowing U.S. economy. But none of Morgan Stanley's rivals has so far admitted to such a large headline figure. Credit Suisse First Boston, the investment banking arm of Swiss bank Credit Suisse Group, laid off about 350 support staff earlier this month, while Citigroup, the world's largest financial services firm, is cutting several hundred technology and back-office jobs from its corporate and investment banking operations. Crisis Cuts While most in the world of investment banking are extremely well paid and some uncertainty is seen as part and parcel of a job in the industry, firms that appear to cut back too harshly during more difficult market conditions are often then viewed with mistrust by potential employees when they later rehire. Both Goldman Sachs and Merrill Lynch had to rebuild their credibility among potential recruits after laying off large numbers of employees in the face of previous downturns. Goldman cut back dramatically during the mid 1990s when the bond markets entered a bearish phase and Merrill responded to the Russian debt crisis in 1998 with deep cuts. Both were later forced to rehire as markets bounced back. Morgan Stanley has decided that there will be some reduction in staff numbers in Europe and a minimal number in Asia, a source told Reuters. The reductions will be achieved through a combination of early retirements and compulsory cuts in the two U.S. business areas. Morgan Stanley's securities division includes equities, fixed income and investment banking and the job cuts will hit both institutional and retail elements of the business. But there will be no cuts among Morgan Stanley's 14,000 financial advisers or the group's credit card business, another source familiar with the company's plans told Reuters. ``The majority of the reductions are in the U.S. but there will be some in Europe and a minimal number in Asia,'' the first source said. Morgan Stanley is unlikely to give any further break-down of where the cuts are being made, but sources said around four-fifths of the total number would be in the U.S.>>