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….
More? Check out http://online.wsj.com/article/SB10001424127887324503204578316030530185220.html