Trading is not the job it was, and many traders are now regarded as just unnecessarily expensive accessories.
The New York Post reports that large and midsize firms are giving the boot to hundreds of high-priced trading staff in widespread layoffs and deep cost-cutting, replacing flesh-and-blood staff with cold steel computers and high-frequency trading algorithms.
With equity and other trading in the doldrums, Dodd-Frank regulations casting a dark shadow, and, notably, advanced trading technology eliminating manual intervention, firms are swinging the axe.
Many traders are now seen as 'expenses' as the industry faces an uncertain and volatile future.
Firms like Bank of America Merrill Lynch, Credit Suisse and UBS have all been axing traders. And it’s all just part of a wider contraction. 'I had a couple of trading spots open since January, and I must have received about 3,000 résumés', said Kyle Ramkissoon, a recruiter at IJC Partners.
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