Thousands of jobs under threat

Axe In Wood

Compensation too.

The New York Post reports that the Federal Reserve Bank, led by Janet Yellen, is preparing to rip up the balance sheets of US banks, causing capital flight and widespread branch closings, and threatening thousands of bankers’ jobs and compensation, analysts told the newspaper.

The proposed Federal Reserve capital-requirement rules — to protect US banks from the kind of financial crisis that in 2008 brought the American banking system to its knees — may soon feel like an echo of those dreary days.

Bankers are already in shock. While some of the final sums are sketchy, the Fed has spelled out the amount the eight banks will need to comply — a nauseating $21bn in capital. It comes on top of other surcharges imposed by global regulators.

To access the complete New York Post article hit the link below:

Banks fear mass branch closings, layoffs over Fed’s proposal

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