SOME 300 TOP EMPLOYEES AT Donaldson, Lufkin & Jenrette Securities suddenly feel pretty good about their jobs. Equitable Cos. announced on Aug. 29 it would spin off at least 20% of DLJ, its brokerage unit. Good for Equitable: It has been trying to shed DLJ and its volatile earnings for two years, and the IPO is apt to raise $260 million. DLJ officers, meanwhile, can choose to invest as much as $100 million of long-term incentives in DLJ units--at an anticipated discount of 33%.

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