Banks and Vendors Suffer From Sept. 11, Market Slowdown
EARNINGS REPORT
LONDON--Major investment banks and IT software vendors have taken a beating from the slower economy and the aftermath of the Sept. 11 attacks, showing sharply lower earnings, cuts in IT spending and layoffs.
Bear Stearns is to lay off around 800 staff (7 percent of its total workforce), with a large portion of this in information technology, mainly back office, operations and support.
A spokesperson for Bear Stearns says: "About 18 months ago we began a margin improvement program to increase
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