US banks with Wall Street operations are bracing for a slump in trading profits after the third quarter got off to a poor start, with global economic uncertainty and Europe's sovereign debt woes leading to a slowdown in market activity in July.
Executives said volumes and profitability last month were even lower than during the -sluggish second quarter, with hedge funds particularly reluctant to take big bets on equities and debt.
Trading activity picked up a little in recent days after the release of the European bank stress tests. However, deepening fears of a permanent end to the trading boom that supported bank earnings after the financial crisis are prompting some institutions to consider laying off traders.
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