Apparently in addition to the investors pushing for them, soon-to-be laid off employees have machines and Janet Yellen to thank for the cuts.

Morgan Stanley this week cut staff covering short-term credit and regional broker-dealers, after a quarter in which the bank posted a 42 percent drop in bond trading, several sources told Reuters. The sources blamed the shakeup at the No. 6 U.S. bank by assets on tougher capital rules, mounting competition from faster and cheaper trading on electronic systems and expectations that the Federal Reserve will raise U.S. interest rates next week for the first time in nearly a decade.

Morgan Stanley begins layoffs in credit division [Reuters]

Related: Layoffs Watch ’15: Morgan Stanley To Tell A Whole Lot Of Employees To Clean Out Their Desks