Most experienced UK traders cut in fixed-income cull

London

BANKS are taking a hatchet to their bond-trading businesses and the biggest casualties are proving to be the people with the most experience.

About 70 per cent of credit traders cut in London last year at the 12 largest investment banks had worked in the financial industry for more than 10 years, according to data compiled by headhunters Michelangelo Search, which specialises in sales, trading and research roles. That's increasingly leaving trading desks manned by more junior colleagues.