The Business Times
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Wall Street barber's empty chairs mirror trading pits' decline

Published Sun, Feb 8, 2015 · 09:50 PM

New York

JACK CAPPELLO has groomed Wall Street since 1959. He's seen a lot of changes in half a century of being a neighbourhood barber.

Another is coming this summer as CME Group Inc moves ahead with plans to shut most of its futures pits.

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About 60 per cent of the job cuts are coming within support functions, including among developers.

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OCBC is still the best performing constituent of the STI this year; DBS and UOB are in third and eighth place respectively.

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While most businesses say higher costs are eroding their profits, the impact is more keenly felt among companies from Malaysia, Indonesia and Singapore.

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The freeze applies to VietJet’s assets worth up to US$251.6 million.

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