BofA Delays Imposition of New Fees, Morgan Stanley Exec Investigated: Financial Business Update
Bank of America Corporation (NYSE:BAC) decides that this is not the time for new fees which could have impacted a minimum of 10 million customers by the end of 2012. The move to not hike checking account fees at least until late in 2013 comes during a sweeping review of the company’s retail-banking business, say inside sources. Meanwhile, other top banks like J.P. Morgan Chase & Co. (NYSE:JPM) and Wells Fargo & Co. (NYSE:WFC) are launching plans that should either raise fee revenues or force customers to do more business with them.
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Glenn Hadden, the chief of interest rate trading at Morgan Stanley (NYSE:MS), is being investigated in regards to trades he made back in 2008 while employed with the competitor Goldman Sachs Group (NYSE:GS), according to a regulatory filing. Hadden has been credited with bringing part of Morgan Stanley’s bond-trading operation back after the financial crisis.
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