JP Morgan has pulled within striking distance of taking the top spot in the global investment banking fee league table from rival
Morgan Stanley has unified equity with fixed income currency and commodity trading under the leadership of Ted Pick, the new global head of sales and trading. He will report to Colm Kelleher, president of institutional securities and CEO of Morgan Stanley International.
Bank of America Merrill Lynch is to cut employees from its global banking and markets group in an effort to show expense discipline. The reductions, estimated at a couple of hundred, are expected to be announced this week, just before the bank reports its third-quarter earnings.