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Strategies & Market Trends : Paint The Table -- Ignore unavailable to you. Want to Upgrade?

To: Jorj X Mckie who wrote (16855)	2/28/2002 2:54:35 PM
From: jcky	Respond to of 23786

DOH! We are not worthy "Oh Great One" <bow> Keep that Mojo fresh....

To: Jorj X Mckie who wrote (16855)	2/28/2002 3:31:55 PM
From: MulhollandDrive	Read Replies (1) \| Respond to of 23786

Where have all the traders gone... long time passing.. AG Edwards Cutting 400 Jobs Wed Feb 27,11:59 AM ET NEW YORK (Reuters) - Brokerage firm A.G. Edwards Inc. said on Wednesday it would cut 400 jobs, or 2.35 percent of its work force, the first layoffs in its 115-year history. It said slack customer trading is cutting into its profits. The St. Louis-based company, which has been in business since 1887, said its broker force of around 7,300 will not be included in the reduction. Most of the cuts will be focused in Edwards' headquarters, which employs approximately 4,800 of its staff of 17,000. "As part of our cost-reduction efforts, previously announced on Dec. 20, 2001, we are reducing employment for the non-branch personnel, by approximately 400, primarily in our St. Louis headquarters," spokeswoman Margaret Welch told Reuters. Brokerages across the nation have been cutting jobs to cope with steep declines in commission and investment banking revenues. Merrill Lynch & Co. Inc., the largest full-service brokerage, cut 15,000 jobs last year, or 21 percent of its staff. A.G. Edwards will eliminate jobs through layoffs, a voluntary retirement plan and attrition, Welch said. She declined to go into further detail on the breakdown. The brokerage in December reported a 61 percent decline in quarterly earnings, the fifth consecutive quarter that its profit had fallen. At the time, it said it was looking at a series of cost-cutting measures, including job cuts, but did not disclose any job numbers. The omission of brokers in the job cuts is not uncommon, since most brokers' pay is based on the customer activity they generate and not a traditional salary. Securities firms do not save much by firing brokers but do tend to lose a lot in the leaner years, since poorer producers do not earn enough and leave the business. A.G. Edwards shares were up 93 cents, or 2.28 percent, at $41.69 in morning trading on the New York Stock Exchange (news - web sites).