The Wall Street Bank, as part of its continuous performance evaluations cut upto 30 traders from the Sales and Trading divisions that generate 60% revenue (58& in Q1. The bank will likely maintain its 42% comp ratios with this measure cutting compensation costs with $500 mln in cost cuts attributed by the bank this half of the year, mainly relying on cuts in compensation that balanced cuts on the Topline to achieve consistent profits and avoid needless eliminations in the teams.
Bloomberg news reported on this bit release from the bank which is trying to avoid making the names public. First half trading revenue was $7.1 B relying mostly on Fixed Income as commodities and Equities trade presented less opportunities.
While JP Morgan’s London whale tales got it 28 loss days in in the Quarter, Goldman Sachs still managed with just 4 loss making days
Related Reading:
Investment Banker in salesclothes
