Thursday, February 21, 2013

Credit-Trader Exodus Squeezes Wall Street Firm

Gleacher & Co. confirmed the departure of 20 people from its credit-trading group and said the moves would hurt near-term revenue.

Credit trading was Gleacher's biggest business last year, with $74.4 million in revenue, dwarfing the $27 million of 2012 revenue from investment banking and more than the $40.6 million in 2012 revenue from trading mortgage-backed and interest-rate products.

The people made up Gleacher's high-yield bond trading group, a person familiar with the group said. Some are joining Milwaukee-based brokerage Robert W. Baird & Co., this person told the WSJ….

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