worthy adversaries

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. Read more »