Thursday's Headlines: Good news - Big Banks in a Scrum Over Retirement Funds
U.S. retirement savings are expected to balloon to $4 trillion in the next four years, and Bank of America, JPMorgan Chase and Wells Fargo are beefing up staff, creating new technology and competing on fees to compete with account managers like Fidelity and Vanguard, says Bloomberg.
To wit: JP Morgan in January named Michael Falcon to its newly created position as head of retirement in the U.S. and Canada for the bank's asset management unit, which doubled its sales force over last year, and Bank of America has been growing its retirement-services staff with execs from rivals, including Fidelity adviser retirement head Rich Linton.
Goldman employs 7,500 in London - about the same as 2007, joining the strong U.K. financial sector. [BusinessWeek]
U.S. regulators asked Citi, Deutsche Bank, BofA and JPMorgan Chase to make their employees available to testify in the Libor manipulation case. [Bloomberg]
Bloomberg sues to find out that at the height of the market collapse in 2008, Morgan Stanley borrowed $3.5 billion through the Fed's discount window. [BusinessWeek]
BofA's clash with the Fed over dividends signals the bank lags its competitors. [DealBook]