Bank Watch roundup: Traders brace for more job cuts
06/05/2014 7:34 AM
06/05/2014 7:36 AM
TRADERS BRACE FOR MORE JOB CUTS: With trading revenue still stubbornly slow and out of line with employment figures, traders at big banks like Goldman Sachs are bracing for more job cuts, the Wall Street Journal reports. "There are too many people on these trading floors," Caldwell Partners senior partner Richard Stein says.
MERRILL LYNCH FINED FOR PROVIDING INCORRECT TRADE DATA: The Bank of America subsidiary apparently misreported information for eight years, and will have to pay $1 million, the Financial Industry Regulatory Authority says.
WELLS FARGO DONATES TO ANNE SPRINGS CLOSE GREENWAY: The bank is giving $100,000 to the greenway, which is in the middle of a big capital campaign.
BANK OF AMERICA PULLING OUT OF MASSACHUSETTS AFFORDABLE HOUSING PROGRAM: Instead, the bank is directing low-income first-time homebuyers toward a federal program that has higher interest rates and more fees, the Boston Globe reports.
"PRE-RETIREES" WANT TO KEEP JOBS AFTER RETIRING: A new study from Merrill Lynch shows that nearly three-quarters of workers aged 50 or older say they want to keep a job after their formal retirement, whether that is part-time or one that is less stressful. It's something of a generational shift from a previous crop of retirees who viewed the event as a final end of work. A large number do, however, want to take something of a sabbatical between jobs.
U.S. TO EXAMINE BANK REGULATIONS: This study is actually required every decade because of a 1996 law, but it could provide a new occasion for the industry to push back against what they consider to be increasingly burdensome rules, the Wall Street Journal says.
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