Drexel to Replace Cash with Paper: Drexel...
From Times Staff and Wire Reports
Drexel to Replace Cash with Paper: Drexel Burnham Lambert Inc. plans to require employees making over $200,000 in total compensation this year to take an as-yet-undetermined percentage of their year-end bonuses in the form of convertible preferred securities instead of cash. The plan, which is expected to affect fewer than 1,000 employees, is part of an effort to boost the firm’s capital by several million dollars.
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