Shearson Announces Layoffs: Shearson Lehman Hutton Inc....

Shearson Announces Layoffs: Shearson Lehman Hutton Inc. said it will lay off about 20% of its highly paid investment banking division by the end of next week during the overhaul of the Wall Street firm. The investment banking layoffs are deeper than had been expected. Shearson officials said 120 professionals--80 in corporate finance and 40 in public finance--as well as 70 support staff would be laid off. The reductions are part of 2,000 layoffs Shearson announced last week under a broad business review ordered by parent American Express Co.