Alex. Brown cuts 19 in Baltimore

Some are bankers, but most in `associate analyst category'

January 26, 2002|By Bill Atkinson | Bill Atkinson,SUN STAFF

Nineteen investment bankers, analysts and clerical employees who work at Deutsche Banc Alex. Brown Inc. in Baltimore have been terminated as part of a sweeping cost-cutting effort by the firm's German parent, Deutsche Bank AG, a company official confirmed yesterday.

Alexander Mason, chief operating officer of Deutsche Banc Alex. Brown's corporate finance division, said the employees were cut this week.

Mason did not know how many of those let go were investment bankers.

The employees are "from all sectors," he said, most of them "in the associate analyst category."

"Given current market conditions, we believe this is everything we will have to do," Mason said.

"We really do not expect that we are going to have to do any more [cutting] here."

The cuts are part of Deutsche Bank's plan to slash 2,100 jobs in its corporate and investment banking unit, and to trim its work force by 10 percent this year.

Of the jobs being eliminated companywide, 900 are in the United States.

Bloomberg News reported yesterday that Deutsche Bank is terminating about 30 percent of its technology investment banking staff and 15 percent of the group that advises phone companies.

About 48 bankers in the 160-person technology group are being dismissed and about 17 in the 110-person telecommunications banking team are being cut, the wire service reported, citing unidentified sources.

Mason confirmed that Scott A. Wieler, a managing director at Deutsche Banc Alex. Brown, and head of the telecommunications group in Baltimore, recently resigned.

Wieler declined to comment.

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