Financial Business Update: BofA Expects More Layoffs, Goldman Not At Funding Disadvantage

Bank of America Corporation (NYSE:BAC) Chief Executive Moynihan says that interested parties should expect continued substantial headcount reductions, commenting that “It’s really based on demand. When I talk tour clients…they don’t expect to hire a lot more people.”

JPMorgan Chase & Co. (NYSE:JPM) may see the resignation of Chief Financial Officer Doug Braunstein, who is said to be taking another position with the bank, said an inside source to Reuters on Wednesday, who added that the change would be Braunstein’s decision only, and unrelated to the $6 billion of losses from bad bets on derivatives.

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Goldman Sachs (NYSE:GS) Chief Operations Officer Gary Cohn says that the firm is not at a funding disadvantage since it doesn’t take deposits. Cohn went on to explain that it’s a misperception, noting that deposits may be used solely to fund certain areas of a bank’s business. He remarked that “Our investment-banking business is on equal footing with everyone else’s.”

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