Salient to Investors:

Coalition Ltd say investment banks are cutting jobs in equities faster than any other division.

Tabb Group says trades that require human involvement cost 2.05 cents per share versus 1.08 cent for those done by computer.

Mike Di Iorio at Barclays Capital says the way the business has been run will be permanently changed by this challenge.

James Boyle at Citigroup said the industry’s consolidation goes beyond cash equities into derivatives.

Small brokerages that make trades by phone or sell research are finding it harder to earn commissions amid shrinking volume and increased automation.

Alec Levine at Newedge  said it’s still an over-brokered industry and will continue to shrink.

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