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MadamMillie

ouch!!! more bad news:(

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SOLLY SWINGS AX

June 14, 2002 -- In a highly unusual move, Citigroup's Salomon Smith Barney paid bonuses to its elite group of first-year analysts this week and then promptly showed most of them the door.

At least 50 or two-thirds of Salomon's top-of-the-line analysts were pink-slipped Wednesday, leaving the young Wall Street hopefuls without jobs or prospects.

"I've never heard of that happening," said a veteran Wall Street recruiter." These are unusually hard jobs to get."

"That's a large percentage. Salomon [in hard times] has let associates go before, but it is unique for them to cut their analysts," said a stunned head-hunter.

Analysts - not to be confused with stock research analysts - are the cream of college grads that sign on to Wall Street's tony investment banks for two-year stints.

At the end of the second year, most go off to business graduate schools with hopes to return to the Street on graduation - with a leg up on the competition.

When they get re-upped, they become third-year analysts, sources explained.

"Now they're really at sea," said the recruiter.

"How can you recruit a new class when you do this?" asked another head hunter, "It's a bad move."

Salomon spokesman Duncan King declined to comment about the layoffs.

Insiders at the firm remarked that the 50 laid-off analysts were the most ever let go.

"They probably didn't have enough for them to do and they were sitting around despondent," said a recruiter.

A new class of 85 raw recruits will start their first year July 1.

Analyst pay starts at $50,000 and up, depending on the investment bank.

But it's not just the laid-off who should worry.

"What's Salomon going to do when markets are better and it doesn't have enough talent?"

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Originally posted by MadamMillie

SOLLY SWINGS AX

June 14, 2002 -- In a highly unusual move, Citigroup's Salomon Smith Barney paid bonuses to its elite group of first-year analysts this week and then promptly showed most of them the door.

At least 50 or two-thirds of Salomon's top-of-the-line analysts were pink-slipped Wednesday, leaving the young Wall Street hopefuls without jobs or prospects.

And I can't get out of my job.

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