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FirstFT: Today’s top stories

Gordon Smith, Eli Meixler and Aleissa Bleyl

announced since April as falling interest rates, weak trading volumes and investor pressure to protect profits force the sector to shrink. Most of the cuts have come in Europe, with Deutsche accounting for more than half the total, but in New York City jobs in commodity and securities trading have also gone. Since long-term US interest rates began to fall in November, the KBW index of US bank shares has fallen 5 per cent, while the S&P 500 has risen 6 per cent. The Stoxx index tracking European banks has lost 16 per cent since November.