Goldman Sachs Group Inc., which set Wall Street pay records when stocks surged and cheap credit abounded in 2007, is again leading the industry as markets boom anew: putting aside less money for staff and more for investors.
Bank of America Corp., the second- largest U.S. lender, is cutting about 1,300 more jobs in its mortgage division as the firm adjusts to lower demand, said two people with direct knowledge of the plans.
Bank of America Corp. Chief Risk Officer Bruce Thompson received $11.4 million in compensation in 2010, the most awarded to an executive at the bank and this year he was promoted to chief financial officer. His stature isn’t an anomaly.
Bank of America Corp., the largest U.S. lender, won’t need to raise extra capital to meet new international standards, Chief Financial Officer Bruce Thompson told Nomura Securities International analysts.
Bank of America Corp., the second- largest U.S. lender, will eliminate about 2,100 jobs and shutter 16 mortgage offices as rising interest rates weaken loan demand, said two people with direct knowledge of the plans.
Rising bond yields are typically indicators of stronger economic growth and higher profits for banks. That might not be the case this time, as a 30-year bull market in U.S. government debt shows signs of coming to an end.