Bank of America is relinquishing its position as the country’s largest banking employer by ramping up its pink slip issuance to 16,000 workers company-wide by year’s end, reports the Wall Street Journal. These cuts will bring the bank’s employee tally to 260,000 – lower than JPMorgan, Wells Fargo and Citi.
The paper writes: The plan is designed to make the company take less risk, generate more revenue out of existing customers and use an investment banking operation inherited from Merrill Lynch & Co. to become a major deal maker around the world.
The new model has meant recent shedding several international credit-card units, private equity businesses, an insurance unit and investments in overseas banks. Consumer customers may notice fewer branches and a smaller mortgage business.
Jefferies posted a slight Q3 profit increase on trading and advisory.
Deutsche will sell BHF Bank for $497M to financial services group RHJ International, where it will become part of wealth-management unit Kleinwort Benson.
Massive injections of stimulus into financial markets by the world's largest central banks are creating a domino effect around the globe.
Moody’s questions the health of the long-term-care insurance business.
Advanced Equities in Chicago will pay $1.2M for misleading allegedly investors.
The world's banks have made progress on stricter capital targets, but fared less well on liquidity.
The richest U.S. hedge fund managers.