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The US treasury market reaches breaking point

The US treasury market reaches breaking point

The structural issue that could cause the world's market of last resort to grind to a halt

Bank deleveraging has barely started

Bank deleveraging has barely started

Banks lending money to governments to help fund bank bailouts looks horribly circular

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November 2001

Lay-offs? What lay-offs?





They say there are always two sides to every story. Trying to get your facts straight from Henderson Investors fully confirms this.
On the one hand, here's an extract from an email from one of Henderson's former fund managers: "I've been made redundant as part of a large scale redundancy programme".
On the other, there's this response from Henderson's press office: "I can tell you categorically that nobody has been made redundant."
Rather as Peter denied any acquaintance with Jesus three times before the cock crowed, Henderson's press officer denies and denies and denies again that anyone has been asked to leave.
Then how does that explain the following voicemail left on a former Henderson fund manager's phone: "This is [name withheld]. I have been made redundant from Hendersons."
So back we go to the press office. Are you sure you aren't culling your equities teams, specifically in UK, US and emerging markets?
"Well, no redundancies have been made," says the spokesman. "Basically it's part of a wider restructuring programme that's affecting the whole business through and through. We essentially are streamlining the business to become more efficient due to the markets. But that isn't taking the form of redundancy or anything like that."
"Streamlining the business?" Sounds like job cuts from where we're standing.
Apparently not. Our helpful Henderson press officer explains: "The way this has manifested itself, there are a number of voluntary initiatives that staff can take, including shorter working weeks, sabbatical programmes, changes to holiday, things like that."
Better go back to the source then. Have you been made redundant? "Yes. I have. But they've been very good about it."
And one last chance for the press office to change its mind? "Nobody's been made redundant yet. I can say that. Whether people are made redundant in the future, that's something that we have to wait and see. At the end of next week we'll know. That's all I can say really."







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