October 25th, 2007, 9:43 pm
Although the articles this week about Bank of America mentioned the investment banking, the convoluted organization of their GCIB probably means that trading will also be effected [there are references to that]. At least it would seem that propriatry trading if it still exists would be cut and cut back in 'investment banking' however defined would mean less trading for clients. With the troubles at M-L and Citi, they probably will also cut back substantially. Bottom line would seem to indicate not a good time for quants [esp. new hires] at these and probably other big banks until the dust settles.