Saturday, 25 October 2014
Last updated 21 hours ago
Aug 9 2010 | 2:09pm ET
Add Bank of America to the list of big banks mulling the future of their proprietary trading operations.
BofA may either sell the $3 billion desk or move its traders to other parts of the company, The Wall Street Journal reports. Among the potential buyers of the business could be a private equity firm or hedge fund, according to the Journal.
The Charlotte, N.C.-based firm inherited the prop. desk, led by David Sobotka, when it acquired Merrill Lynch last year.
Under the recently-enacted Volcker rule, banks have four years to divest themselves of their proprietary trading operations. Two other prominent firms are reportedly close to a decision, with Morgan Stanley mulling a spin-off as a hedge fund and Goldman Sachs likely to simply close its desk.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
David and James Hamman launched their fundamental Livestock and Grains Program in March of 2010 but it really was decades in the making.