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Financial Stocks Roundup: The May Day Edition


Bank of America is laying off about 2,000 workers.

MINYANVILLE ORIGINAL As Occupy Wall Street protests in the streets around the world, big bank stocks are outperforming the stock market.

Bank of America (BAC) shares are up 3.5% today after news that the bank will be getting rid of as many as 2,000 employees from its investment banking, non-US wealth management, and commercial banking units. Bank of America has gotten rid of about 11,000 workers since the first quarter of 2011 as part of CEO Brian Moynihan's Project New BAC campaign. More than 300 Merrill Lynch investment bankers will be getting pink slips. The cuts that were reported in the Wall Street Journal this morning were not confirmed by the bank.

A Citigroup (C) investor has filed a lawsuit against the company's board for doling out excessive executive compensation.

The ISM manufacturing index rose to 54.8 in April, from 53.0, beating estimates. Construction spending disappointed, rising only 0.1% versus the 0.6% expected. The Financial Select Sector SPDR ETF (XLF) gained 1.43% today, more than the S&P 500's (SPY) 1.34% rise.

William Bryan Jennings, the Morgan Stanley (MS) banker that stabbed a cabbie after making him drive him all the way to Connecticut after a company Christmas party, waived his right to a trial by jury. Jennings is being charged with hate crimes for screaming racial slurs at the driver as he stabbed him in front of his $3.4 million home after refusing to pay a fare.

Twitter: @vincent_trivett
No positions in stocks mentioned.
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