Lehman Brothers, Goldman Sachs and Bank of America Specialists together cut 55 staffers from the floor of the New York Stock Exchange this week, in yet another sign of the growing impact electronic trading is having on Wall Street's career paths.
The New York Post reports that Lehman laid off all six people in its Direct Market Access unit. Goldman - which laid off nine people - plans to eliminate its Direct Access in the next two months. Earlier this week, Bank of America cut 40 employees at the NYSE, and said 20 to 40 more jobs would be eliminated by Feb. 15.
The Post said the shift to electronic trading "is happening rapidly enough to shock even hardened financial pros," and that it's hammering providers of equipment and services used by traders, such as screens and execution services.