Two Chch brokers reduce staff levels

Press, 5 March 1988, Page 25

Two Chch brokers reduce staff levels

The downturn ini share trading I has hit Christchurch sharebrokers with two firms laying offlstaff. Marshall Equities and Egden Wignall and Company said that they had been forced to lay off two clerical staff each. ■ Other I firms contacted said that they had not laid off staff during trie last fortnight, but added! that it was a matter between the firm and staff, and was not for public interest. Christchurch brokers appear to have escaped

■ - I i much of the turmoil that affected northern | sharebrokers after the [sharemarket crash in October. The announcement on Wednesday by ) Finch Webster and Nathan, a Wellington sharebroking firm, that it was ceasing trading brought the number of broking firms to a halt since the market crash to nine. In the Christchurcn-in-vercargill Stock Exchange trading area, I Satterthwaite and Company, the Timaru-based broker, had

a capital injection in January from the United Building Society, which became the firm’s princi-j pal shareholder. After announcing the I move, the society quashed I rumours that the Timaru[ sharebroker would have! been another casualty of] the crash. On Wednesday, Perkins Hargreaves Corporation, the l Christchurch-based! share registry, announced, staff cuts of 48 because of, the decline in the number of shares traded