Phibro-Salomon said it will streamline Philipp Bros.

The financial firm’s streamlining of operations at its Philipp Bros. subsidiary will result in the layoff of 600 employees. It also plans to curtail or reduce its dealings in some commodities. John H. Gutfreund, chairman and chief executive, also said that management plans to change the name of Phibro-Salomon to Salomon Inc. Under the new strategy, Philipp Bros. will concentrate its resources on commodities that are actively traded, particularly those traded on organized commodity exchanges.