CREDIT SUISSE TRADER: 'They Have Obliterated Our Rates Desk'

When we hear about Wall Street layoffs we usually hear about them in the hundreds or (more likely) thousands.

So normally a dozen or so layoffs doesn't make an impact. This is different.

Reuters reports that Credit Suisse has sacked the head of its NYC rates desk along with about a dozen salespeople and traders.

One trader told Reuters, "they've obliterated our rates desk."

This is dramatic, but it isn't shocking. The Fed's low interest rate policy makes rates trading dismal business as there's such low volatility.

But remember it could be worse, it could be UBS.