Banks See Biggest Returns Since ’03 as Employees Suffer

 

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Banks See Biggest Returns Since ’03 as Employees Suffer

For employees at the biggest Wall Street banks, 2012 brought a humbling post-crisis reality of job cuts, lower pay and tarnished reputations. For investors, it was a happier story.

The 81-company Standard & Poor’s 500 Financial Index (S5FINL) is up 27 percent this year, its largest annual increase since 2003, led by a 104 percent gain in Bank of America Corp. The index beat the broader S&P 500 Index for the first time since 2006.

Shareholders, impatient for the industry to boost profit, were rewarded as Wall Street firms cut jobs and pay, and exited businesses. The shrinking unnerved employees, who watched the chiefs of two big banks lose their jobs and others contend with a drop in deal making and stock trading, stiffer regulations, trading losses, rating downgrades and scandals involving interest-rate manipulation and money laundering.

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Comments
3 Responses to “Banks See Biggest Returns Since ’03 as Employees Suffer”
  1. pam28971 says:

    They were the ones that helped put us all where we are we tried to warn them eventually this would be them.Did the listen,take heed,pay attention perhaps?No they blithley went ahead doing what they did.Who’s crying now?Have no compassion for people bent on self destruction and the destruction of others.Enough said.

  2. Fed Up says:

    Isn’t it amazing how the useless piece of —– legislators in Washington have all the time in the world pursue to and go after the second amendment etc. but no time to go after the thieving rapist bank scums or Eric Holder the murdering criminal gun runner? Amazing.

  3. stripes says:

    This is true. My friend lost her job at an investment bank last week with no warning. Merry Christmas ….ho, ho, ho.

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