Robertson Stephens Inc., the investment-banking arm of FleetBoston Financial Corp., will close its offices in London, Munich and Tel Aviv to reduce costs, Financial News reported on its Web site.
The closures will result in about 100 people losing their jobs, the report said, citing an unidentified spokeswoman. Stephen Schweich, head of the London office, is in talks to return to the U.S., the report said.
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Robertson Stephens executives in London didn’t immediately return calls seeking comment.
The investment bank, which lost more than $80 million in the past five quarters, is firing 425 of its 950 employees to cut costs, spokeswoman Courtney Weber said yesterday. The firings will occur over the next few months and affect all departments at the San Francisco-based firm, she said.
FleetBoston is selling Robertson, which caters to technology companies, to management as the securities industry goes through its biggest slump in a decade. The bank said last week it expects
a loss of more than $282 million on the sale.
Bloomberg News
