Posts belonging to Category Jobs



J.P. Morgan to Cut Thousands of Jobs

 

J. P. Morgan Chase has announced plans to cut 17,000 jobs over a two-year period and cut $1 billion of expenses this year.  The announcement was made at an Investor Day presentation in New York.  The bank employs nearly 260,000 people worldwide.  Over the past several years, CEO Jamie Dimon reportedly had been adamant that [...]

Financial Advisers – What Are They Hiding?

 

Financial advisers continue to object to a recent rule that grants securities regulators more access to potentially relevant documents under the adviser’s control. The Securities and Exchange Commission has approved a rule change proposed by the Financial Industry Regulatory Authority (FINRA) that significantly increases FINRA’s ability to discover a member firm’s documents.  FINRA is now [...]

Merrill Lynch Settles Wage and Hour Class Actions

 

Merrill Lynch has agreed to pay $12 million to settle wage and hour class action lawsuits filed by employees seeking compensation for overtime.  The period in dispute is between 2010 and 2012.  The employees are referred to as “client associates,” whose job is to support the financial advisers by serving clients and developing new business [...]

Will More Brokers Switch Firms this Year?

 

The number of brokers switching firms is expected to be higher than average this year for a number of reasons.  Among the reasons is a proposed new rule requiring brokers to disclose signing bonuses to clients, which is viewed as very likely to be approved.  If brokers switch firms before the rule becomes effective, they [...]

The Internet Impacts Your Reputation

 

The internet (like automation) is a blessing and a curse. On the curse side, sometimes bad things happen to good people. A financial adviser may be named in a splashy lawsuit and then quietly dropped later when it turns out others were to blame ? but the original story pops up on page 1 of [...]

UBS to Shed 10,000 More Employees

 

UBS has announced a major a cost-cutting overhaul that will eliminate 10,000 jobs. The positions will be eliminated mostly from its investment banking division. UBS cited increased regulatory capital requirements and persistent problems in the global economy as reasons for the cuts. The move also follows scandals involving the investment banking division, including a $2.3 [...]

Is the Unemployment Rate in the U.S. Really 16%?

 

Serious questions have been raised regarding the accuracy of the United States reported 8.1 percent unemployment rate. In fact, one respected expert has stated that the real unemployment rate in the United States is probably 16 percent.

Modern Capitalism Can Be Improved

 

History can teach us a lot about how to live better in the present. Rarely does one hear any reference to past mistakes or even the past successes that could best resolve our current problems. In the world of capitalist economics this country has decided to embrace the “me” rather than the “we”. Granted capitalism [...]

Middle Class Reality

 

While sometimes perception and reality are the same, perception and reality are very different when it comes to the lifestyle expectations of ordinary Americans. Ever since World War II there has been the expectation of upward mobility for future generations. That is how we see ourselves. Realistically that is not true anymore. The rich are [...]

Loss of Unemployment Benefits for Millions Poses a Serious Threat to Society

 

For the 13 million jobless workers, life is about to get worse. For the economy, there will be less money in circulation. The Great Recession wiped out a great number of jobs, many of which will not be coming back. Recovery is slow to non-existent here and abroad. Recent Federal law mandating cuts in spending [...]

Food for Thought: Does the U.S. Face a New Great Depression?

 

Many developed nations have borrowed and spent beyond their ability to repay their debt. Central banks around the world are faced with complex decisions on the best policies to improve liquidity. When economists weigh in with solutions, they fall into one of two groups ? those who want to borrow more and put more money [...]

How Problems in Europe are Likely to Impact Investors

 

While the results of the election in Greece have given a sense of relief, it may only be temporary. The revolutionary party, which is seen as favoring a Greek exit from the Euro rather than accepting the austere terms of a bailout, almost won and may well win in the next election. By the time [...]

Repression of Middle Class Fosters Discord in America

 

“I’m mad as hell, and I’m not going to take it anymore!” That seems to describe the general feeling among people as diverse as Tea Party members and Occupy Wall Street types. It also captures the mood of a vast middle class of America that is fed up with our institutions of finance and government [...]

Layoffs Loom for More Senior Level Securities Professionals

 

More Wall Street jobs cuts are expected as deal-making, capital-raising and lending have been severely crimped by the global economic downturn. The resulting lower revenues are making a new round of layoffs increasingly likely (“On Wall St., few places to hide as jobs ax hovers,” Reuters). As the article implies, the cuts have reportedly even [...]

Layoffs at Wall Street Firms Begin to Reach Senior Levels

 

It is widely known that Wall Street firms have been cutting jobs since the financial crisis. Recently, Goldman Sachs began laying off upper middle-tier personnel, such as managing directors. Managing directors are compensated at levels below “partnership managing directors” at Goldman (the equivalent of “senior managing directors” at other firms), but above the junior vice [...]