Samples of Zr62.5Cu22.5Fe5Al10 bulk metallic glass are subjected to uniaxial compression. Comparison of tests in monotonic loading and cyclic loading (repeated loading to the onset of plasticity, then unloading) shows that the compressive plasticity of the glass is drastically reduced under cyclic loading. It is argued that this effect arises from stress reversal accelerating the concentration of shear on a dominant shear band. The link with compression-compression fatigue results, and the consequences for low-cycle fatigue of metallic glasses are considered.