Updated from 2:52 p.m.

Sanford Bernstein is the latest firm to shut down trading facilities on the floor of the

New York Stock Exchange



has learned.

The New York-based firm, a unit of investment management company


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, removed eight employees from the floor on Friday -- three traders and five clerks.

Big firms have been letting go of floor traders as the NYSE moves towards electronic trading.

At the end of March, UBS cut its floor staff by 23 employees, or 75%.

Bank of America

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( LEH) also have slashed their trading and specialist presences at the exchange.

The NYSE has shuttered at least one trading floor in an effort to contain costs, while at the same time embracing electronic trading through its hybrid market. It didn't comment Friday on the Bernstein move.

"We have moved so much of our trading to an electronic basis and that trend is likely to continue," said John Meyer, a Bernstein spokesman. "Given that, we no longer saw the need for a floor operation."