Trading desks at major banks have been bleeding since 2010, and newly released data show that the past year was no exception.
Head counts in trading and sales at the 12 largest global investment banks fell by 800 in the past year, bringing the five-year total to 14,700 jobs sheared from banks’ payrolls. Those positions include roles in investment banking divisions, equities trading, and fixed-income, currencies and commodities units (or FICC), according to research by U.K. consulting firm Coalition.
Revenue in these divisions also continued a multiyear slide, falling by $4.4 billion between 2014 and 2015, and nearly 15 percent since 2010. The report counted cuts at Goldman Sachs, Morgan Stanley, Barclays, HSBC and eight other major investment banks.
Peter Laughter, CEO at the staffing firm Wall Street Services, described a broad shift in the landscape of investment banking in the past decade, as technological advances and automation have transformed entire investment banking divisions.