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Strategies & Market Trends : The Final Frontier - Online Remote Trading

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From: TFF	2/14/2007 3:44:54 PM
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FLOORED: 43 MORE BOFA SPECIALISTS CUT By RODDY BOYD February 14, 2007 -- Another round of steep job cuts at Bank of America Specialists brought the New York Stock Exchange a step closer to the end of its trading-floor era. BAS laid off another 43 specialists and clerks yesterday - on top of the 40 cuts that came in mid-January - and told staff that another round of layoffs is coming. The once-proud unit is expecting to be down to about 65 floor staff by the beginning of spring; the unit had 165 employees on Jan. 1, a source told The Post. A Bank of America spokesman said the unit was forced to take drastic action as all of the Big Board's stocks are available to have buyers and sellers matched up through the Hybrid trading system. As reported in The Post, in addition to the layoffs at every major specialist NYSE unit, Goldman Sachs and Lehman Brothers have reduced their NYSE floor staff over the past month. What's worse, according to active NYSE-listed stock traders, is that the headcount reductions associated with the Big Board's Hybrid system have made the opening markets in some smaller and medium capitalization companies rocky.

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