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Wall Street now in the middle of a humbling transformation

Bonuses have shrunk as revenue growth has stalled; business lines have been cut

CHANGING WITH THE TIMES: Morgan Stanley has gone from making nearly 70 per cent of its revenue from trading operations before the financial crisis to less than half last year.

New York

NEARLY seven years after the financial crisis, banks are still churning out profits and wrestling with regulators. Yet Wall Street, by many important measures, appears to be in the middle of a humbling transformation.

Bonuses are shrinking. Revenue growth has stalled.