Business Notes LAYOFFS

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 around the world. "We have a lot of worried and unhappy people here at the bank," says Christopher Redfern, chairman of the World Bank Staff Association. The 75% of the employees who are from abroad are especially nervous. Reason: some of those laid off by the bank could lose their visas and have to move out of the U.S. within 30 days.