The firm has eliminated the jobs of around two dozen United States equities traders and sales staff following the decline of that division’s revenue
in 2012, according to two knowledgeable sources, who explained that a few senior employees voluntarily exited after their bonuses shrank more than those of their fixed-income counterparts during an effort to more closely link pay with revenue. The fixed-income unit brought $15.4 billion in revenue last year, up by 4 percent from 2011, but revenue from the equities division slipped by 1.8 percent to $4.4 billion.
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