Shearson Lehman Hutton Holdings Inc. will cut...

Shearson Lehman Hutton Holdings Inc. will cut 1,000 of its 41,900 jobs during the next few months, a source close to the firm said. The source cited the continuing trading slump in the equities markets as the reason for the cutbacks, as well as the resulting downturn in Shearson’s earnings. Steven Faigen, a Shearson spokesman, confirmed that the company was laying off employees but declined to say how many or when the layoffs would occur.