NYSE Freezes Salaries, Plans Job Reductions: The...

NYSE Freezes Salaries, Plans Job Reductions: The New York Stock Exchange board froze officers’ salaries for 1991 and said it expects to reduce staffing by about 8% next year. John J. Phelan Jr., the NYSE’s chairman, said the early retirement program is expected to reduce the exchange’s staff to 1,700 from 1,850. He said nearly 100 jobs have been cut through attrition this year. Exchange officials said that about 100 executives would qualify for the early retirement program and that the other 50 jobs would be eliminated through attrition. Separately, Morgan Stanley Group announced that it will reduce its worldwide investment banking staff by 6%, citing poor market conditions. The securities firm said will layoff 50 professionals in all areas of investment banking.