In Brief: Brokers scale down operations; steel mill deadline; BRE Bank boss
After the closure by Wood & Company of its Warsaw office, other brokerages
are set to follow suit. CSFB, ABN Amro and Societe Generale Securities have
announced plans to conduct radical cost-cutting and lay off up to 30% of
their staff. (Prawo i Gospodarka, p. 1) ... The so-called Euroconsortium of
steel companies has asked for a one-week extension of the deadline by which
bids are to be submitted for the Katowice, Sendzimira, Cedler and Florian
steel mills. Euroconsortium comprises Arbed, Usinor and Thyssen Krupp. (Puls
Biznesu, p. 4) ... BRE Bank president Wojciech Kostrzewa is rumored soon to
be losing his job. The rumors have been fueled by the poor results of the
bank's investments, particularly in Optimus and Netia stocks. (Zycie,
Poradnik Finansowy, p. 8) T.J.
