Traders Magazine, June 2001
*Josephthal & Co., the investment banking and full-service brokerage firm, has fired much of its research, sales and trading staff. "We are facing the same kind of problems that are hurting much of the rest of the industry," a spokeswoman told Traders Magazine. She confirmed that some 20 to 25 people had been fired.
Wall Street observers have been saying that Josephthal's problems are part of a wave of expected layoffs as industry's profits have been pinched. Josephthal's woes go beyond industry trends. It recently paid a $3.3 million fine. The National Association of Securities Dealers recently charged the firm with unfair dealing in its sale of VictorMaxx stock. It is a virtual reality company that Josephthal helped take public in the summer of 1995.
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