Wall Street trading used to happen on the phone or in person in the packed trading pits at Chicago Mercantile Exchange, New York Stock Exchange or London Stock Exchange. Today, trading requires less people thanks to new technology. Here's what led to the decline of traders on Wall Street.
Buying and selling stocks or bonds used to happen on the phone, in person or in the packed trading pits in Chicago, New York and London. Prestigious investment banks boasted of trading desks the size of football fields. Now, they're losing money on trading operations and laying off scores of traders., Citigroup and Societe Generale are just a few of the big financial firms to announce trading-desk layoffs in recent months.
The shift to electronic trading and passive investing are big culprits behind the trend, squeezing profits in the trading business to razor-thin margins. Watch the video above to learn more about what's behind the decline of Wall Street's lucrative trading profession.
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