No jobs for jobbers
BUSINESS? Business is terrible. They're even sacking the sons-in-law. That service- able Hollywood maxim holds good for the City, too. When Wedd Durlacher, our biggest stockjobbing firm, sacks a partner who comes from the founding families, it is time to take notice. Barry Oldham, a senior and popular figure, out he goes with nine others, accompanied by a farewell message of chilling kindness. It will be easier for them (says the firm) to find jobs now than later. That is clearly meant to deflate expectations in a City where the 20 top stars of the international money and capital markets (as I was saying last week) are on a million a year. There is now a two-way market in the people who make markets: there are sellers as well as buyers. The market is become selective. Eurobond dealers are still in strong demand, and cali ask salaries which reflect this. There are still firms trying, against time, to complete their teams of dealers in British Govern- ment stock. By contrast, some of the older share dealers are finding their experience a positive disadvantage, as they head for a market where they may find it hard to learn new tricks. But the decisive influence on their salaries will be the strength of the markets they deal in. When share prices level out from their vertical ascent, or turn downwards, salaries will go with them.
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