Banks Keep Cutting Currency Traders as Volatility No Job Saver
- Headcount at the 12 biggest firms down 28 percent since 2010
- Culls continue even after SNB shock spurs jump in revenue
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As banks around the world cut sales and trading jobs in an effort to reduce costs, the bloodletting in foreign exchange is proving to be among the deepest and most painful.
The world’s 12 biggest banks cut front-office currency staff by 5 percent in 2015, extending a trend that’s seen them reduce foreign-exchange headcount by more than a quarter since 2010, according to Coalition Development Ltd., a London-based provider of research and analytics for the financial industry. Layoffs among foreign-exchange traders last year outpaced those in equities, corporate finance and advisory, and fixed income, currencies and commodities trading broadly.