According to Menon, stockbroking firmswhich have been paying extravagant salaries during the bull run had to letmany of their research analysts go . ` This is because research departmentsare basically cost centres and consequently are the first to be choppedoff in a slowdown .'However Wong, Menon and Ooi agree the pruning of employees in thisindustry is marginal as stockbroking firms are generally small employers.
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