Oct
19
Wall Street Is Doing Just Fine With Fewer Workers
By-
Morgan Stanley revenue surges after axing 25% of unit’s staff
-
Goldman fixed-income revenue jumps 49% after firm cut jobs too
To the thousands of traders and salespeople who’ve lost their jobs since the financial crisis, Wall Street has a message: We’re doing OK without you.
The five biggest U.S. investment banks reaped $20.7 billion in revenue from bond and stock trading in the third quarter, the most for the typically slow summer period since 2009. The gains came even after the world’s 10 biggest firms, including European banks that haven’t yet reported third-quarter results, sliced more than 5,000 front-office trading and investment-banking jobs in the past seven years, according to Coalition Ltd…
Wall Street Is Doing Just Fine With Fewer Workers
