Major cuts seen for Wall St. firms
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From Times Wire Services
Wall Street firms may have to eliminate as many as 35% of their employees as leveraged lending dwindles and the pace of mergers and acquisitions slows, said Kenneth Moelis, the former president of UBS’ investment bank.
“The Street got staffed up to support what was a slight bubble in M&A;,” Moelis, 49, said in a Bloomberg television interview. “You’re going to see a significant retrenchment.”
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