Americans believe that Wall Street is hurting the US economy, and are slowly pushing the financial industry out of the country, Forbes reports, citing research by bank analyst Dick Bove of Rochdale Securities.
"It sounds a bit harsh but it's certainly true that a number of top Wall Street firms are cutting their staff and in some cases opening up new positions overseas in their place," says Forbes.
Americans have been angry at Wall Street since the financial crisis, the article says. Combined with tighter bank regulation, it has become more difficult for banks to do business here.
"Simply stated, the United States does not want them," Bove says. "A series of rules have been put in place to assure that these banks are inhibited in both their growth and profit goals."
UBS hires Weber as chairman, beats Deutsche to the punch. [New York Times]
Mirae to add 40% more staff in Brazil, may make acquisitions. [Bloomberg]
Citigroup begins delayed talks to sell OneMain consumer financial services unit, formerly CitiFinancial. [Wall Street Journal]
UMB's Scout Investments opens new mutual fund. [MarketWatch]
Renasant to buy RBC Bank subsidiary, adding $680 million in assets.[Reuters]
UMB appoints new head of Colorado Corporate Trust and Wealth Management division. [BizJournals]
Lloyds becomes the latest large bank to retreat from overseas business. [Wall Street Journal]
CUNA Mutual sells portfolio to Great American. [Biz Journals]
Citigroup buys 9.9% stake in Vietnam's Horizon Securities brokerage. [Wall Street Journal]
Goldman Sachs expands into Brazilian investment banking. [Forbes]
RBS sells 25% stake in UK commercial real estate loan book to Blackstone.