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UBS Cuts NYSE Floor Staff
Specialists on the New York Stock Exchange (NYSE) trading floor were dealt another blow this week when UBS announced that it would cut 23 of its 30 floor staff, according to press reports. A majority of those positions are administrative, according to the bank, but they include nine of UBS' 16 floor brokers. Floor staffers have seen their numbers dwindle as the NYSE switches from a floor-based system to the Hybrid Market electronic model. Specialist firm LaBranche and
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