Robertson Stephens to Slash Work Force

Robertson Stephens Inc., the investment banking arm of FleetBoston Financial Corp., said it will fire 425 people, nearly 45% of its staff, to reduce costs and allow a sale to its former managers.

Robertson said the firings will occur over the next few months and include all departments at the San Francisco-based firm.

Boston-based FleetBoston, which purchased Robertson Stephens for $800 million in 1998 as investments in technology companies soared, said last week that it expects a loss of more than $282 million on the sale of the investment bank. Robertson Stephens has lost $80 million in the last five quarters.