financial sector news stories on Newser

Goldman Shares Dive After Exec's Attack

Rob Quinn — Thu, 15 Mar 2012 04:15:00 CDT

Goldman Sachs shareholders had a bad day yesterday thanks to departing exec Greg Smith, who slammed the firm's " toxic and destructive " culture in a New York Times op-ed . The investment bank's shares dived 3.4% in trading yesterday, wiping $2.2 billion off its market value—although shares are still...

Students Revolt Against Big Bank Recruiting

Matt Cantor — Mon, 06 Feb 2012 09:51:05 CST

Half of those surveyed in Harvard's class of 2010 went into finance or consulting; at the University of Pennsylvania, the figure was even higher—and some students are fed up with the "brain drain." Inspired in part by the Occupy movement, students have launched protests against recruiting by big banks,...

Sarkozy Unveils 'Robin Hood' Tax

Rob Quinn — Mon, 30 Jan 2012 03:25:00 CST

With the French presidential election just three months away, Nicolas Sarkozy took to the airwaves last night to tell voters about a tax hike. The president announced a sales tax rise from 19.6% to 21.2% and a new "Robin Hood" tax on financial transactions, the BBC reports. Sarkozy...

Citi Cutting 4,500 Jobs

Rob Quinn — Wed, 07 Dec 2011 00:43:56 CST

Citigroup plans to cut some 4,500 jobs—2% of its global workforce—in the coming months as it "faces an extremely challenging operating environment," CEO Vikram Pandit warns. Pandit, who has cut more than 100,000 jobs at Citi since taking charge in 2007, says regulatory changes and the...

Wall Street Bonuses to Plummet

Rob Quinn — Tue, 29 Nov 2011 03:05:05 CST

The latest news from Wall Street is likely to leave most ordinary Americans dry-eyed. Year-end bonuses for bankers and traders are expected to be down sharply this year, plunging up to 40% to their lowest level since the financial crisis, according to a closely watched industry forecast. A bond trader...

Top Colleges Steer Grads Away from Wall Street

Matt Cantor — Fri, 04 Nov 2011 14:44:05 CDT

For many seniors at elite US universities, Wall Street provides a straightforward path to a job—particularly since big banks often dominate campus recruiting. But recently, fellow students and staff alike have urged graduating classes to consider a wider array of options, the Los Angeles Times reports. A nationwide campaign...

Obama Has More Wall St. Cash Than GOP Candidates

Rob Quinn — Thu, 20 Oct 2011 06:00:00 CDT

Despite his moves to tighten regulation of the financial sector, President Obama has more Wall Street money in his war chest than all of the Republican hopefuls combined, the Washington Post finds. Obama's campaign has received $3.9 million in donations from employees of financial firms, compared with $7.5...

Goldman Axing US Staff, Hiring in Singapore

Rob Quinn — Wed, 29 Jun 2011 07:00:00 CDT

Goldman Sachs is planning a major hiring spree in Singapore, even as it prepares to slash its headcount in the US to cut costs. The financial giant is so worried about criticism over the job shift that it has taken the unusual step of notifying lawmakers about its hiring plans,...

It's Official: No More Overdraft Fees Without Opt-In

Jane Yager — Mon, 16 Aug 2010 07:22:14 CDT

Say goodbye to the $35 Frappuccino. As of yesterday, if you don't choose to opt-in for overdraft protection, your bank can't saddle you with a hefty fee on the Starbucks beverage you don't actually have enough money in your account for. A new overdraft protection law has come into effect,...