LAYOFFS: Barber, Can Ya Spare a Dime?

Barber, Can Ya Spare a Dime?

The name World Bank conjures up an image of vast wealth on deposit. But the Washington-based international body that last year loaned out $17.6 billion for development projects in 82 countries is watching its pennies very closely. To cut costs and increase efficiency, an estimated 390 of the bank's 6,000 jobs will be eliminated.

The hatchet wielder is the World Bank's new president, former Republican Congressman Barber Conable, who took office a year ago. Last week Conable was facing a revolt of staff members, who lodged a formal complaint with the bank's administrative tribunal, a seven-member body of distinguished jurists from...