Opinion: From a position of strength

Cost-cutting measures - and, most emotively, headcount reductions -
are all too often viewed through a negative lens.
After all, in many cases they are a reactionary measure to
underperformance or impending crisis.
And in the broking world, many of the efficiency drives of
recent times have been undertaken to counteract cyclically squeezed
margins, M&A pains or shock operating events - such as the
fallout from Eliot Spitzer's probe that carved hundreds of
millions of profitable revenue from