“We appreciate that these proposals will be troubling and unsettling for you. These are tough proposals because they affect our people. And as we have often said, our people are at the very heart of our business.
“But our review of the firm and current markets clearly showed that we have no choice. We are in a severe, prolonged, global recession which isn’t going to get any better this year, and 2010 is also expected to be weak. We need to reduce the size of the firm to match demand for our services and ensure our future competitiveness.
