Thomas Weisel to Eliminate Jobs

Investment bank Thomas Weisel Partners said Thursday that it is laying off staff this week.

The San Francisco-based firm, which was formed in 1999 to specialize in technology stocks, will have layoffs across every area of the firm, spokeswoman Amanda Duckworth said.

People at the firm said about 100 employees are being let go, or about one-sixth of its 600-person staff. Besides its San Francisco headquarters, the company has offices in Menlo Park, Calif., New York, Boston and London.

Investment banks have been laying off staff for three years as the markets have tumbled. Technology investment banking, in which Weisel is a niche player, has been especially hard-hit.

This isn’t the first round of layoffs at Weisel. The firm had 800 employees at the end of 2000, and 680 at the end of 2001.

The firm, which is privately held, had revenue in the third quarter 2002 of $52 million, the last available data.