Glickenhaus & Co. yesterday said it will dramatically reduce salaries and bonuses to municipal bond executives, a move that will probably force more than half of these employees to flee the regional bond firm, a high-ranking company executive said.

The company informed employees yesterday about the new compensation package, and the executive said he expects defections to follow shortly. So far, Glickenhaus has cut six municipal bond executives, but as many as 13 employees from the department will probably leave in the coming days and weeks, the executive said.

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