Dick Bové would like to think that he knows Bank of America better than anyone else, since he knew to buy when everyone else was selling and correctly interpreted “10,000 layoffs” to be more of an order-of-magnitude lower bound than the actual number of layoffs to expect. So he’s offended that, while he was doing the legwork to make those calls, certain other people just had inside information handed to them on a silver platter. People like Warren Buffett:
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Bank of America
A few more details on who was affected by yesterday’s cuts at Moynihan’s House of Fun. Continue reading »
From: Richard Bove
Sent: Friday, September 09, 2011 05:58 AM
Subject: Predictions
Oh, did someone say 10,000? That’s embarrassing. Number is actually more like 40,000. Continue reading »
Apparently the aforementioned cuts have begun. Continue reading »
As we mentioned a while back, part of my training as a new Dealbreaker editor involves getting a CFA charter so that I can use past returns to guarantee future results. To that end, I’ve signed up for the December Level I exam. Thanks for all of your helpful advice on studying, by the way – I didn’t get to read all of them, but I’ll just go ahead and assume that the overall gist was “read every hundredth page of the books, guess C when in doubt, and drink heavily before, during and after the exam.”
Nonetheless I did get the books last week, so I opened them up to see what I’m getting myself into. Study Session 1 is ethics. Coming from a job on Wall Street, this was all new to me. I was particularly interested to see the CFA’s a refreshingly straightforward fiduciary standard in its code of ethics:
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Dick Bové Looks Forward To Getting Back In The Ring With Sallie Krawcheck, Estimates Bank Of America Will Lay Off 30,000 Employees
By Bess Levin
Earlier this morning, Rochdale analyst Dick Bové stopped by CNBC to chat about what’s been a’ poppin’ at Bank of America. First off, that report a few weeks ago about how the bank will be relieving 10,000 employees of their duties? According to Bové, that’s just the start. “You’re likely to see 30,000 people fired at Bank of America in the next 24 months,” he told the Squawk Box gang. Why the need for so many cuts? “The bank has made a policy decision to shift emphasis from the consumer bank to the commercial bank, because the regulations are more onerous on the consumer side, that’s why.” And what of yesterday’s unceremonious Krawcheck canning? Dick is sorry for his gal-pal but sees the firing as an opportunity from which they both stand to benefit. Continue reading »
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