MUFG trims U.S. sell-side team to expand capital markets business - source

of a survey showing that asset managers have nearly halved the prices they're willing to pay for sell-side research since January 2020, as meetings with analysts, which are typically in person, have become virtual.

Among those laid off was John Herrmann, who had previously been the director of interest rate strategy in MUFG's New York office, the source said. In response to a request for comment, Herrmann said "I had a very good run for 8-1/2 years at MUFG. I was hoping to serve our clients for several more years, but a new horizon awaits. I hope to be back soon doing what I do best: forecasting the economy, the FOMC and the yield curve."in October it had hired Tom Joyce from Deutsche Bank to head up a new capital markets strategy group.

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