Kidder May Lay Off 560 Workers, Journal Reports
- Share via
NEW YORK — Kidder, Peabody Group Inc. may lay off up to 10% of its 5,600 employees to cut costs, a newspaper reported Monday.
The company denied that sizable layoffs were in the works, however.
Peabody Group’s investment banking division, with about 400 employees, may be one of the job-reduction targets, sources told the Wall Street Journal.
Investment banking has been hit hard by a decline in merger and acquisition activity on Wall Street.
A spokeswoman said Kidder is not planning widespread layoffs.
“Along with every firm on Wall Street, we’re looking at ways to reduce costs,” she said. “There may be some further routine streamlining throughout the year.”
Inside the business of entertainment
The Wide Shot brings you news, analysis and insights on everything from streaming wars to production — and what it all means for the future.
You may occasionally receive promotional content from the Los Angeles Times.
