A new round of cuts coming ?
The trimming of the company’s bond desk comes as Wall Street has struggled to squeeze profits out of trading the assets while central banks around the world increasingly lower their benchmark rates, making them less lucrative.
The bank, run by outgoing CEO Stuart Gulliver, has been in cost-cutting mode for two years, and is trying to trim $5bn by the end of 2017.
Earlier this year, the bank said in an internal memo that it was instituting a hiring and pay freeze.
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