Next firm on the Volcker chopping block: Bank of America.
The bank will shed between 20 and 30 prop trading jobs in order to comply with the Volcker rule. The announcement hasn't been made public yet.
Those jobs represent fewer than a third of the bank's prop trading jobs. Some of the employees whose jobs will be eliminated will have the opportunity to relocate within the bank.
The cuts will be completed in the fourth quarter. It's not immediately clear whether more than just that segment will be axed.
Expect to see Lehman-esque drinking parties at local NYC bars for those who aren't offered new positions or granted seed capital to start their own funds. (Bloomberg
Compliance Hiring (FINS)
Now that the rules of finreg are starting to be crafted, the heat is on for PE
firms that haven't yet registered with regulators. They'll have until next July to do so, and will also need to staff up their compliance teams.
Gone Hunting (Reuters)
Huntington Bancshares will open more than 100 branches over the next two years. The expansion will create 500 jobs in Ohio. Now if only people could remember that the state actually does follow Eastern Standard Time.
China Rising (Financial News)
is forming three new China desks -- in London, Johannesburg and New York. Having already set up desks in Sao Paolo and Singapore, the bank is eyeing Africa for expansion in 2011 as the area is of importance to its Chinese clients. Sudan and China (disturbingly) go way back.
Aspirational Hedging (Vanity Fair)
If you want to start a hedge fund
, choose a name that will inspire confidence but not fear. Pass on the alpha male names like Wolf Capital and go green with Willow Management.
Staying Put (WSJ)
Shooting down rumors of a move, HSBC
announced that it has no plans to follow Michael Geoghegan and move its HQ to HK. It's happy staying in London, thank you very much. And now that Geog's out of the picture, there's really no reason to pick up and leave, is there?
D.E. Shaw Only Hires Geniuses (DealBreaker)
Did you go to an Ivy League school? Did you have a 4.0 GPA? So what -- everyone at D.E. Shaw
does, too. We wonder if the 10% of the workforce that the hedgie laid off this week
only went to Stanford and had a 3.9.
Drinking Away Your Sorrows (NYT)
Finance pros who take the train in from Connecticut naturally need a little pick-me-up at the end of the day. On the train ride home, they're able to purchase alcohol and snacks, and word on the tracks is stockbrokers like their vodka.
Valuing Lehman (NYM)
Someone's got a strong sense of nostalgia. At the Lehman Brothers auction, an anonymous bidder paid $66,355 for a Lehman Brothers sign. We don't even want to know what Dick Fuld went for.
List of the Day: Powerful Women in Finance
Fortune released its list of the 50 most powerful women in business, and it's no surprise that several women in finance made the list.
19. Barbara Desoer, BofA
21. Abigail Johnson, Fidelity
24. Sallie Krawcheck, BofA