The chart to strike fear in to Wall Street traders
Sep 6, 2016, 04:31 IST
Wall Street trading floors are thinning out.
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More than 10,000 front office jobs have been cut across the top ten banks since 2011, according to new data from Coalition. In fixed income, currencies and commodities alone, there have been close to 8,000 redundancies, with headcount in that business line down 8% in the last year.
The job cuts come as industry revenues continue their gradual decline, and human traders are replaced by computers.
There are rumors circulating across Wall Street that there will be additional redundancies in the next couple of months, so the job cutting trend looks set to continue.
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