Tuesday 22nd of July 2014
Anupreeta Das and Gina Chon write April 23 at the WSJ.com (4/24 in Wall Street Journal print edition):
Wall Street's latest problem: too many bankers and not enough deals.
Amid new regulation, lower profits and a dreary market for mergers and acquisitions, several banks are planning to trim investment-banking units that were built for an era of deals aplenty.
Having already slashed bonuses, banks including Citigroup Inc., C +0.54% Goldman Sachs Group Inc., GS +2.08% J.P. Morgan Chase JPM +0.86% & Co. and Morgan Stanley MS +1.59% are preparing to cut dozens of jobs, including some held by senior bankers, according to people familiar with the matter. As they pursue this targeted round of trims as soon as next month, they and rivals are also revisiting profit expectations for their advisory businesses, people familiar with the matter said.
Read more here.
- The dollar's 70-year dominance is coming to an end
- Why Piketty's Wealth Data Are Worthless
- Stiglitz: 'Very uncomfortable' with stock levels
- A Recovery Stymied by Redistribution
- Behind the Productivity Plunge: Fewer Startups
- For most families, wealth has vanished
- The Blue-State Path to Inequality
- Clinton Library's Doc Dump Reveals CRA Fueled Subprime Bubble
- US Housing Market Is Down For The Count
- WASHINGTON & WALL STREET: THE FANTASY WORLD OF JOHNSON-CRAPO & HOUSING REFORM
- Janet Yellen is shocked that the Fed’s price models don’t work
- Schumpeter, Intellectuals and Capitalism
- Michael Lewis, 'Flash Boys,' and '60 Minutes'
- "QE Was A Massive Gift Intended To Boost Wealth", Fed President Admits
- David Malpass: The Fed's Taper Is Already Paying Off