UBS to cut 23 of 30 trading floor positions

Crain's New York Business reports:

UBS said Thursday that it plans to slash 23 mostly administrative and clerical positions from its 30-person staff on the New York Stock Exchange floor, as electronic trading continues to make floor staff redundant.

NYSE began the transformation process with its 2005 acquisition of electronic exchange Archepelogo Holdings Inc. That helped the Big Board automate many functions that were once handled by floor specialists.

UBS is the latest in a string of Wall Street firms cutting their NYSE staff. In January, one of the biggest trading firms at the NYSE, Van der Moolen Holdings, cut 55 floor jobs, or 30% of its U.S. workforce, as a growing number of trades are done via computer.

An ominous sign for big city financial districts.