The number of analysts working at the world’s 12 biggest investment banks fell to 5,981 last year, according to Coalition. That was down from 6,282 at the end of 2015, and 6,634 at the end of 2012, when the data provider began to collect the numbers. Many smaller brokerages and banks have made even deeper cuts, according to analysts. The pain is expected to intensify in the coming years, especially with the advent of the Mifid II regulatory package in Europe. This will compel asset managers to strip out payment for research, either pushing the costs directly on to clients or covering it themselves, rather than the traditional way of rewarding banks and brokerages through trading commissions. That has spurred several initiatives inside and outside the finance industry, aimed at changing how research is done, distributed and paid for.

https://www.ft.com/content/0d6ed900-1980-11e7-9c35-0dd2cb31823a