Global Banking Directory
Press Release Distribution Service
Add Bank | Banking Forum | Scam emails!
Advertise Your Business Here
BanksDaily Twitter BanksDaily FaceBook BanksDaily LinkedIn

Financial and Banking News

Bank of America cuts 3,000 jobs

Bank of America Corp., making good on a vow to curtail investment banking after the unit's profit plunged 93 percent, put a new manager in charge and announced 3,000 job cuts.

Brian Moynihan, head of wealth management at the Charlotte, North Carolina-based company, will succeed Gene Taylor as head of the 20,000-person division, according to a statement Wednesday. Most of the jobs will be cut from the investment bank, spokesman Robert Stickler said in an interview.

Chief Executive Officer Kenneth Lewis said Oct. 18 he would scale back the investment bank following about $4 billion of trading losses, defaults and writedowns in the third quarter. Lewis, who blamed the losses mostly on the bank's own mistakes, promised to weed out units that post four or five annual profits "and then give it all back in one year."

"These cuts are higher than what I was anticipating," Jefferson Harralson, an analyst in Atlanta at KBW Inc., said in an interview. "Ken Lewis was clearly disappointed by the performance and the bank's risk management. He is moving quickly to boost earnings for next year."

The reductions are less than 2 percent of the total workforce and involve business lending, treasury services, capital markets and advisory service employees, the bank said. Bank of America fell 30 cents to $47.48 in New York Stock Exchange composite trading yesterday. The shares have lost 11 percent this year. Third-quarter profit fell 32 percent to $3.7 billion, the bank said last week.

Source: Bloomberg
Date: 26.10.2007 [125]

Financial and Banking News
 Banks may need political help to survive Big Tech

First there was the financial crisis of 2008. Then years of negative interest rates. Now, banks face what one financial regulator calls the "real game changer." 09.12.2019 | Source: Bloomberg

 Trump blasts Bitcoin, Libra, demands they face banking regulations

U.S. President Donald Trump on Thursday criticized Bitcoin, Facebook's proposed Libra digital coin and other cryptocurrencies and demanded that companies seek a banking charter and make themselves subject to U.S. and global regulations if they wanted to "become a bank." 11.07.2019 | Source: Reuters

 25th World Islamic Banking Conference announces 4th series of WIBC Leaderboard

Top performing Islamic Financial Institutions from Bahrain, Egypt, Indonesia, Jordan, Kuwait, Malaysia, Oman, Pakistan, Turkey, UAE and Saudi Arabia are vying for the WIBC Awards recognizing the Best Performing Banks at the Global and Regional level. 28.10.2018 | Source: MEGA

 Financial technologies are need of the hour for Banks in India

The Indian FinTech space is expected to reach $2.4 billion by 2020 and 2018 will be a critical year in that journey because 52 % of India's digitally active consumers are adopting FinTech and are the driving force for new technology adoptions. 02.03.2018 | Source: Explore Exhibitions and Conference

 International Banking Exhibition and Conference will be held in Baku

"Digital Banking and Security" titled International Banking Exhibition & Conference will be held in Baku on 17-18 of April, 2018 by FA International Trade Events. 07.02.2018 | Source: FA International Trade Events

 📰 News Archive

2007-2020 © BanksDaily.com | Rus