BT. Alex Brown braced for cuts
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.LONDON STAFF at BT. Alex Brown, the investment bank, have braced themselves for swingeing job cuts next week after its parent, Bankers Trust, said it was seeking to reduce expenses by 8 per cent after declaring third-quarter losses of $488m earlier this week.
At least 30 people have left the firm, which employs 2,400 in London, this week, including six well-regarded equity research analysts, in spite of the repeated insistence by the firm that only "minimal" cuts would take place. Yesterday, the firm said it would close its Moscow office.
One source described BT's behaviour as "brutal". There were reports of people being marched off the premises by security guards, in contrast to the behaviour of Merrill Lynch, which is observing a month's consultation period with official employee representatives before firing staff.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments