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
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