Goldman and BofA cutting fixed-income traders

|About: Bank of America Corporation (BAC)|By:, SA News Editor

The two banks periodically cull their low performers, but - after an especially rough start to 2016 - cuts this year promise to be a little deeper. According to Bloomberg, Goldman Sachs (NYSE:GS) will eliminate more than 5% of traders and salespeople (5% is the usual norm), and Bank of America (NYSE:BAC) will dismiss about 150.

"We remain committed to our FICC business, but we’re also managing to the cycle,” said Goldman CEO Lloyd Blankfein last month. Last week, JPMorgan's Daniel Pinto said FICC trading revenue is lower by about 20% this year.

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