Morgan Stanley is replacing some of its traders with computers, the Wall Street Journal's Aaron Lucchetti and Brett Philbin report.
According to the report, some of the high-paid bond traders are being replaced with computers in an effort to revitalize its bond trading business.
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For the first half of this year, the bank's fixed income trading has been particularly weak posting revenue of $2.04 billion, down 60% from 2010.
Meanwhile, the bank will be hiring programmers and technology specialists to assist with trading bonds electronically and processing client orders, the report said.
