Crummy trading revenues are forcing banks to tighten their belts. Rob Cox, New York Times reporter Susanne Craig and Reuters Breakingviews columnist Antony Currie discuss the cuts that are yet to come and why.

“I think we lived through Armageddon in 2008, but it’s not going to be great,” Craig said. “I mean, some of these guys (the banks) are looking at 5%, 10%, 15% reductions. That’s a lot.”

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