More Layoffs at FBR Capital Markets

FBR Capital Markets, a publicly traded affiliate of Friedman, Billings, Ramsey Group, is laying off 70 more employees, or a little over 10 percent of its workforce, as it continues to grapple with a struggling economy.

FBR Capital Markets, based in Arlington, employed 758 a year ago. It downsized over last summer to around 650. The company said it will have around 580 employees after the current layoffs.

"Going forward we will continue to be operating in a market that is not only unprecedented in the extent and severity of its dislocation, but where the rules of the road and a large part of the competitive landscape have changed, and are continuing to change," chief executive Eric F. Billings said in an e-mail today. "We believe that the strength of our balance sheet, reducing and maintaining our cost structure in line with expected revenues, the depth and breadth of our banking, brokerage and research platforms, the quality and talents of our people and our proven ability to react quickly and flexibly to market opportunities will serve us well in the future."

The layoffs were not limited to one division, but appeared to be across the board. They have been ongoing and will continue through the end of the year.

-Thomas Heath

By Tom Heath  |  December 5, 2008; 12:37 PM ET  | Category:  Economy Watch
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"Strength of our balance sheet" Who the h*ll are you kidding? Hellloooo, FBR is trading at 17 cents. Wake up you damn fool and buy back FBR.

Posted by: jginboca | December 5, 2008 7:07 PM

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