Jesup & Lamont cuts 'non-essential personnel'

Jesup & Lamont Inc. said today it is laying off all “non-essential personnel,” except for its CEO. All salaries and commissions have been terminated, except for a “limited” number of workers, the company said in a statement. Last week, the firm said broker-dealer subsidiary, Jesup & Lamont Securities Corp., was to cease conducting business because of its failure to meet industry net-capital rules. Chief executive Alan Weichselbaum will continue at the firm without a salary. In the statement, the firm said that it continues to have a dialogue with the Financial Industry Regulatory Authority Inc. about regaining compliance to meet net-capital rules. Jesup had roughly 100 employees and 300 brokers, according to an industry recruiter familiar with the company. Mr. Weichselbaum could not be reached to comment on how many employees will remain at the firm.