The Year 2012 brought an overwhelming post-crisis reality of job trims, lower pay and tarnished standings for workers at the biggest Wall Street banks. For investors, it was a contented story.
The 81-firm Standard & Poor’s 500 Financial Index (S5FINL) is higher 27% this year, its biggest yearly gain since 2003, led by a 104% advance in Bank of America Corporation (NYSE:BAC) The index surpassed the broader S&P 500 Index for the first time since 2006.
The nine banks declared in excess of 30,000 job cuts in the first nine months of the year, in relation to data gathered by Bloomberg. These banks includes Deutsche Bank AG (USA)(NYSE:DB), Barclays PLC (ADR)(NYSE:BCS), JPMorgan Chase & Co. (NYSE:JPM), Bank of America (NYSE:BAC), Citigroup Inc. (NYSE:C), UBS AG (USA)(NYSE:UBS), Credit Suisse Group AG (ADR)(NYSE:CS), Goldman Sachs Group Inc. (NYSE:GS) and Morgan Stanley(NYSE:MS). [article_detail_ad_1]
Bank of America Corp. (NYSE:BAC) was the top-performing financial stock in the S&P 500 on Tuesday morning, increasing nearly 2% and continuing its run-up after finally recovering the $10 per share levelformerly this month. Banks generally were the top-performing group in the financial sector.
Facebook Inc. (NASDAQ:FB), the world’s biggest social-networking firm, could be exposed to lawful challenges surrounding its initial public offering just like those faced by Morgan Stanley (MS), in relation to legal experts.
In the first regulatory alleges to flow from the May 17 IPO, Massachusetts officials stated on December 17 that they charged Morgan Stanley $5 million for letting its investment bankers provide research analysts particular revenue data that was not unveiled by Facebook to the citizens. That broke a decade-old regulation enacted later the dot-com crash to obstruct bankers from persuading analysts, Massachusetts stated.