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Wall Street banks had best quarter in years. They are firing traders anyway

May 25, 2018


Global investment banks reaped the most first-quarter revenue in three years, but that didn’t stop the industry from firing traders as a years-long contraction continues, according to a report.

The world’s 12 biggest banks generated $43.9 billion in revenue from trading stocks and bonds and advising on mergers and security issuance, according to financial research firm Coalition. That’s 3.3 percent more than the year-earlier period as strong equities trading results offset declines in bond trading and investment banking, the firm said Thursday.

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