Monday's Headlines: Wall Street Banks Face Another Round of Layoffs
Wall Street banks are reported to post poor second quarter results this week, accounting for nearly a 20 percent drop in sales and trading revenues and prompting another round of layoffs, according to the New York Times.
Namely affecting JPMorgan Chase, Bank of America, Citigroup, Goldman Sachs and Morgan Stanley, prospects for recovery appear grim for core trading revenue, as stated by researchers, which is projected to fall by nearly 25 percent from the reported success in the first quarter when the market was more favorable.
Amidst reports of quarterly results to come on Thursday, the underperformance comes as no surprise as Bank of America hinted last month that it will implement plans to respond to the dip. Not to mention, shares have been down more than 10 percent since March due to a lag in investor activity and fixed-income and commodities group.
Hedge funds lag stock market in first half despite small gains. [Reuters]
Merrill Lynch top broker loses $880,000 arbitration for over-investing in stocks. [Investment News]
Bank of America promotes Terry Laughlin to chief risk officer. [BusinessWeek]
Lazar vice-chairman Steven Golub to retire. [DealBook]
Fontana investment firm settles $900,000 anti-manipulation case with SEC. [BusinessWeek]
Santander UK moves call centers back to UK from India. [MarketWatch]
Deutsche Bank set to appoint Anshu Jain, Juergen Fitschen as co-CEOS. [Reuters]
Finra to revise broker-dealer exams with more focus on data, risk analysis. [Investment News]
Financial planners seeing more marriage-related business from gays and lesbians. [Investment News]
ICAP appoints Deutsche Bank's Mark Price as chief executive officer. [Marketwatch]