“We said January and February were weak months, and we recovered momentum in March,” Pinto said Wednesday at an investor conference in New York. “That momentum has continued into April and May. Essentially with higher client activity in fixed income, and with slightly weaker client activity in equities, mainly derivatives.”
Bloomberg News reports that Wall Street has been slashing costs and personnel amid a prolonged slump in fixed-income markets caused by stricter regulations and low interest rates. The world’s biggest investment banks generated $70bn in fixed-income revenue last year, half the 2009 peak, according to Coalition Development Ltd.
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