INVESTMENT BANK TRADING floors are becoming divided territories. On one side are equity sales, trading and research staff who, quietly wondering why they bother coming to work to grapple with deteriorating markets, try to salvage some of their clients’ portfolios and keep a slice of their bonuses.
On the other side you have debt teams, which have thrived recently on risk aversion, interest rate cuts and a search for yield that has also tightened credit spreads in many high-grade and high-yield sectors.
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