Wall Street banks experience rough bond-trading quarter
According to Reuters, Wall Street banks experienced another rough quarter in bond trading thanks to the Federal Reserve's unpredictable actions. The paper has more:
Analysts have begun cutting third-quarter profit estimates for banks including Goldman Sachs Group Inc and Morgan Stanley, citing an industry-wide fixed-income trading revenue decline of 20 to 30 percent compared with a year ago. The quarter's lull has made at least some Wall Street professionals nervous that a fresh round of job cuts may be coming, a trader said.