Salomon Energy Unit Lays Off 10 Percent
NEW YORK (AP) _ Phibro Energy Inc., the oil refining and trading unit of the investment firm Salomon Inc., said Wednesday it laid off about 10 percent of its staff.
A spokesman for the Greenwich, Conn.-based firm said the layoffs included traders, technical personnel and corporate staff.
The spokesman, Robert Chandis, refused to say how many people were let go, but Phibro employed about 470 people before the reductions.
The firm is known as one of the most aggressive and influential oil futures traders on Wall Street.
In the first quarter of this year, Phibro reported a pretax profit of $5 million, down from about $7 million a year earlier and its worst performance since late 1987. For several quarters recently, Phibro carried Salomon through a severe securities industry slump.
Chandis attributed the layoffs to a ″business study″ by Phibro of its operations, but he offered no specific reasons and said only that the firm wanted to become more productive.