Hintz Says Volcker Rule Makes Wall Street a ‘Way Point’
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Wall Street is being replaced by hedge funds as the place where aspiring traders hope to end their careers because of new federal rules, said Brad Hintz, an analyst at Sanford C. Bernstein & Co.
Financial firms have said that the so-called Volcker rule, which bars banks from proprietary trading, may also limit trading profits, once a prime source of Wall Street revenue and bankers’ pay. The restriction will also force some professionals to change career paths, Hintz said.