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People News: Citigroup, Jefferies

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Citigroup’s Jeff Perlowitz, who helped build - and after the financial crisis, rebuild - the market for mortgage-backed securities, is retiring after more than three decades on Wall Street.

BofA settles trainee overtime lawsuit

Hard at work

Bank of America and its Merrill Lynch unit will pay $14m to settle lawsuits claiming that they forced financial adviser trainees to work 60 hours and more per week, including on weekends, without paying them overtime.