Hutton Scales Back Operations

E. F. Hutton & Co. said today it was ending municipal bond underwriting and trading operations in five regional offices, becoming the latest Wall Street firm to pull back from the business.

The cutbacks, which will cost 40 jobs, will take place in Atlanta, Denver, Kansas City, Philadelphia and Seattle. Hutton will continue to engage in public finance and investment banking services from those offices. Municipal bond underwriting and trading will be consolidated at offices in New York, Los Angeles, Houston, Chicago, Boston and Boca Raton, Fla.