Bank of America has announced that it will reduce 200 trading- and investment-related jobs.
Even with the cuts, its bank compliance managers (those who make sure the bank is following government regulations) should feel pretty safe. Bank regulations don’t look as though they'll be reduced anytime soon.
For banks, efforts to comply with specific regulations often eat away valuable resources. While the intent of the regulation may be noble—striving for equal opportunity and consumer protection—the practice of the regulation has little impact.
Every extra hour a bank employee spends on compliance is an hour that cannot be used to serve the bank's local community.
