Knight Capital plans to sell some assets and has cut staff ahead of the trading firm's planned sale to a rival, according to people close to the company.

Bank of America Merrill Lynch has been hired to explore a sale of Knight's bond trading and reverse mortgage units, part of a division that has struggled for years to turn a steady profit, these people said.

Knight Capital looks to sell fixed income units

The sales are the reversal of a long push by the broker to diversify away from equities

The Wall Street Journal

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