When we hear about Wall Street layoffs we usually hear about
them in the hundreds or (more likely) thousands. So normally a dozen or so
layoffs doesn't make an impact. This is different.
Reuters reports that Credit Suisse has sacked the head of
its NYC rates desk along with about a dozen salespeople and traders. This is dramatic, but it isn't shocking. The
Fed's low interest rate policy makes rates trading dismal business as there's
such low volatility. Remember it could
be worse, it could be UBS...
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