New York soon will no longer be the financial capital of the world thanks to a hostile government that has served up a menu of punitive regulations aimed at driving big banks out of the country, says analyst Dick Bove.
In his latest broadside against the post-crisis regulatory environment, Bove asserts that a recent spate of layoffs, particularly by Goldman Sachs, is just the latest sign that large financial institutions will have to take their operations overseas.
The result, he says, will not be good both for New York and the nation.
“The United States has adopted, as part of its core financial policy, the view that big banks are not good for the country, its economy, or its financial system,” the Rochdale Securities analyst writes in an analysis for clients.
“Simply stated, the United States does not want them. A series of rules have been put in place to assure that these banks are inhibited in both their growth and profit goals.”
Rules governing a variety of fees, capital requirements and trading rules are hammering at Wall Street giants, he says.
Bove points specifically to Bank of America ,Citigroup, Goldman Sachs, JPMorgan Chase and Morgan Stanley as institutions that have closed branches, decentralized and otherwise made moves to take their operations abroad.
BNY Mellon, State Street and Northern Trust, meanwhile, have moved transaction centers “outside New York and in many cases outside the United States.”
CNBC
More:
http://www.cnbc.com//id/43607872
hostgator coupon 2011
No comments:
Post a Comment