Photo: Son of Groucho via Flickr
Morgan Stanley is replacing some of its traders with computers, the Wall Street Journal’s Aaron Lucchetti and Brett Philbin report. According to the report, some of the high-paid bond traders are being replaced with computers in an effort to revitalize its bond trading business.
For the first half of this year, the bank’s fixed income trading has been particularly weak posting revenue of $2.04 billion, down 60% from 2010.
Meanwhile, the bank will be hiring programmers and technology specialists to assist with trading bonds electronically and processing client orders, the report said.