Warburg axes New York staff
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.SG Warburg has sacked 36 of its 500-strong New York workforce in a continuing cost-cutting programme following the aborted merger talks with Morgan Stanley. A Warburg spokesman stressed that the bank remains "the number one distributor of international equities in the US", but the move is bound to raise questions over its American strategy.
The sackings included the block-trading desk and four analysts. "There is a lot of competition in US domestic equities," the spokesman added: "Our policy is to concentrate on what we're good at."
Warburg has four seats on the New York Stock Exchange, giving access to the trading floor, and the bank is keeping them. Warburg sacked 180 people in London recently when it closed its Eurobond business, and analysts expect further retrenchment.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments