Some of this was normal attrition.

In small markets, a cut in dealerships will come mainly from normal attrition and from dealer-initiated consolidations, it said.

Netting out normal attrition among its 6,800 brokers, UBS could increase its adviser force by more than 150, he said.

Intel expects to cut 5,000 jobs by the end of 2001, most of which will come through normal attrition, according to Mr Bryant.