A collection of stories from SmartBrief publications and around the web…
OCC says Volcker implementation to cost banks between $412M and $4.3B: That price tag sounds shockingly low. Considering all the fuss Wall Street has raised over the past few years desperately trying to beat back Volcker, that range is downright amazing. The estimate is for the cost spread across only the banks the OCC regulates. I would venture to guess those firms have spent somewhere in that range breathlessly lobbying against Volcker.
Wait … Goldman Sachs is calling for more regulation?: In this Wall Street Journal op-ed, Goldman Sachs President and COO Gary Cohn offers a pretty detailed plan for curbing some aspects of high-frequency trading. Outgoing CFTC Commissioner Bart Chilton probably thinks this is some kind of going away present from Cohn. A more cynical view would be that Goldman traders aren’t exactly the fastest “cheetahs” on the street, so Cohn is really just trying to level the playing field.
Bank of England not there yet on too-big-to-fail: Depending on who you ask, this revelation from the Bank of England is either good news or bad news. Some say regulators should have solved too-big-to-fail by now. Others might think regulators should solve TBTF by letting such firms fail.
How banks can attract top college graduates: The financial crisis put a dent in the finance industry’s ability to attract top talent. Numerous execs, like CME Group’s Terry Duffy, have called for the industry to improve its recruiting. This Harvard Business Review piece looks at what new grads are looking for in potential employers and what employers can do to improve their chances of attracting the best and brightest.