Tuesday's Headlines: New Law's Volcker Rule Leaves Banks' Fund Holdings Intact For Many Years
The Long Unwinding Road: Banks Given Until 2022 To Exit Funds [Investment News]
The version of the Volcker Rule embedded in the final Wall Street reform legislation allows U.S. banks as long as a dozen years to sell off their holdings of hedge funds and private equity funds.
BNY Mellon Gets OK to Launch Beijing Branch [AP, via Yahoo]
Expanding its offerings in China, Bank of New York Mellon will open a branch in Beijing to serve institutional clients, after gaining approval from Chinese authorities. It expects to add 70 employees in the next three years, adding to the 150 it now employs in Beijing and Shanghai.
Who Wants To Give This Kid A Job? [Dealbreaker]
Someone seeking an entry-level job in asset management or private equity offered to pay his first week's salary "to the individual whose efforts resulted in me being hired by the firm." The blog post includes a link to his resume.
Mortgages Face New Rules [WSJ]
Among changes affecting compensation of retail lending professionals, the reform bill will bar mortgage brokers and loan officers from receiving payments based on steering the consumer to a particular type of loan or rate. At the same time, it stipulates that lenders must compensate appraisers "at a rate that is customary and reasonable."
Manhattan's $10 Million Apartment Market Offers No Bargain Buys [Bloomberg News]
You're earning more, so you can afford it: Prices of super-luxury apartments in Manhattan climbed 6.4 percent in this year's first quarter, while coop and condo prices generally declined 11 percent.
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