Daily News: December 30, 2016

Bloomberg: Wall Street’s Trump Boost Won’t Avert Bank Job Cuts in ’17


According to a report by Bloomberg, bank stocks are on the rise after Donald Trump’s election victory drove up expectations for the industry’s profits, but job cuts are still on the table for many banks.

Bloomberg reported that employment at big U.S. lenders has continued to fall since the financial crisis, due to consolidation and increasing legal bills and revenue stagnation.

That said, Bloomberg quoted one analyst as saying loan officers and commercial bankers could be hired if economic growth drives demand.