We hear that Cowen & Company has quietly been making cuts to its investment banking units. Like many financials, shares of Cowen & Company have suffered tremendously in the past year. It is down 52% over the past 12 months, worse even than Bear Stearns. A source told DealBreaker that the investment bank had cut several bankers in their consumer division a few weeks ago. Further cuts have also been made in the healthcare group and bankers in the technology group have been quietly informed they should begin looking for new jobs, according to the source.
Cowen & Company could not immediately be reached for comment.
Important Update: Further news arrives on the folks let go from Cowen & Company. According to another source familiar with the matter, the people shown the exit were very junior people who were let go because they were not performing up to expectations.
Also, some readers have protested that this item implied a direct connection between the price of the stock and the layoffs. Perish the thought. We intended no such thing. But we did believe that readers would be interested in hearing how C&C's stock was doing these days.
Posted by Anon, Jan 30, 2008 9:20AM
Jan 24:
Retail - Fashion & Beauty Brands: Suspending Coverage
Conclusion: Due to the analyst leaving the firm, we are suspending coverage of the following fashion and beauty brands names...
Cowen Research