Top firm employees found out about being laid-off in the worst way possible

Nightmare On Elm Street

The worst way to get laid-off.

It was October 1987.

Salomon planned to advise hundreds of staff that they were going to be laid off on Monday, 12th October. The firm normally did this kind of thing in a fairly civilized way.

However, someone leaked the details of the lay-offs to The New York Times, and the story ran on the Friday night. 

According to Martin Mayer's excellent book, Nightmare On Wall Street:

'On arrival Monday morning, people were herded into an auditorium for their mass dismissal and were told to clear out at the end of the day, which was probably not part of the original plan. 

The Wall Street community was ablaze with horror stories from these firings: Women having babies were (allegedly) told in hospitals that they no longer had a job. A young couple on a honeymoon, two Salomon people who had met at the office, (allegedly) received a telegram on the cruise ship telling them not to report for work when they returned to New York'.

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