This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

3 Things That Could Move Financial Stocks Today

NEW YORK ( TheStreet) - Goldman Sachs (GS) has begun scanning internal emails for the term "muppet" and other evidence that employees referred to clients in derogatory ways, CEO Lloyd Blankfein told partners in a conference call this week, Reuters reported, citing people familiar with the call.

Greg Smith, a former banker at Goldman Sachs, wrote in a scathing op-ed piece in The New York Times last week that he saw Goldman managing directors often refer to clients in internal emails as muppets, which is slang for a stupid person in Britain.

The article has kicked up a storm as critics call for a change in Goldman's culture while supporters believe that the firm is being unfairly targeted.

Federal Reserve Chairman Ben Bernanke will continue his series of lectures to students.

Meanwhile FOMC voting member Daniel Tarullo will speak on regulatory reform before the Senate Committee on Banking, Housing and Urban Affairs.

According to prepared remarks, Tarullo will call for greater attention to the international impact of the Volcker rule. "U.S. regulators will need to carefully consider the concerns that have been raised and the broader international implications of the Volcker Rule as we work to finalize our implementing rules," said Tarullo, in his testimony.

The Volcker rule, which has been designed to limit firms from making risky bets with their own capital, has been criticized for being highly complex in its current form, with potentially severe consequences to the liquidity of certain markets. While banks such as JPMorgan Chase (JPM - Get Report) and Goldman Sachs which have considerable capital markets operations have the most to lose, international governments in U.K. and Canada have also objected to the rule because it exempts proprietary trading in U.S. sovereign debt but not in other foreign sovereign debt.

Thursday also brings economic data that could move bank stocks including jobless claims and the FHFA House Price Index.

Jobs data has been improving, which is positive for banks. However, banks themselves continue to layoff employees as they struggle to generate revenue in a post-regulatory environment.

Bank of America (BAC - Get Report) continues to cut jobs, with recent reports pointing to several layoffs in its equities research and trading divisions.
1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
BAC $17.47 0.00%
JPM $66.78 -0.15%
AAPL $118.88 0.96%
FB $105.74 -1.13%
GOOG $748.29 -1.00%


Chart of I:DJI
DOW 17,812.19 +19.51 0.11%
S&P 500 2,089.14 +2.55 0.12%
NASDAQ 5,102.8080 +0.33 0.01%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs