A huge round of firing and trimming of Salomon workforce proceeded one of the worst stock market crashes in history (winter of '87). Reflecting the gross failure and lack of vision from the top management, the company summarily closed down departments and fired a thousand employees. Michael escaped the cut and was instead rewarded with a surprisingly large year end bonus. Salomon did not go under, it continued to operate, but earning much, much less than in its heydays.
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