Phibro Woes: Salomon Slashes Trading At Struggling Unit
MANAGEMENT AND STRATEGY
As a result of continued weak earnings at Phibro Energy Inc., Salomon Inc. will reduce the trading staff of its commodity trading subsidiary by some 30 percent worldwide, significantly shrinking its use of a new NeXT Computer Inc.- based trading room system. The cuts will not, however, extend to mc2 Technologies Inc., the software vendor that Phibro set up to market the energy trading system software it developed for the NeXTs.
According to Phibro vice president and comptroller Michael Castellano
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