Wall St ABS leader warns of post-crunch lay-offs
Wall Street firm Thacher Proffitt & Wood this week informed about 50 associates that their futures at the firm were uncertain because of the collapse of the market for mortgage-backed securities, writes the New York Law Journal. The firm's warning - first reported on Tuesday (27 November) on legal gossip blog Above the Law - affected 24 non-first-year associates, who were told they were almost certain to be laid off in January unless the credit market substantially improved.
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