Yellen Waits on Rates, Goldman Sachs Interns Get Nights Off: Finance Winners & Losers

NEW YORK (TheStreet) -- Goldman Sachs (GS) wants its interns to get some sleep, the Federal Reserve says Bank of America (BAC) needs to be more proactive, and JPMorgan Chase (JPM) and Wells Fargo (WFC) have yet to meet some of the requirements of foreclosure settlements, according to one of their regulators.

Elsewhere in the financial world, Barney Frank -- half of the mastermind behind the Dodd-Frank Financial Regulatory Reform Bill -- has just joined the board of Signature Bank (SBNY), according to a Wall Street Journal report.

Meanwhile, as the market rallied following the Fed's non-news that rates would stay the same, many banking stocks lagged. Fed Chair Janet Yellen suggested people might want to cool it with the talk of "when" the Fed will raise rates and instead focus on the "how." 


Though Goldman Sachs' offices at 200 West are modern and cool, the bank has told its summer investment banking interns to go home at night, according to a Reuters report. The bank said that interns should be out of the office by midnight and return no earlier than 7 a.m.

Goldman Sachs joins other banks in trying to reduce the long hours and stress young bankers face after several high profile deaths.

Shares of the New York-based bank closed down 0.30% at $212.93.


It's old news that Bank of America has to submit a revised stress test to the Fed after receiving a conditional approval on its March exam, but new details have emerged hinting that the Fed has a broader issue with the Charlotte, N.C.-based bank.

Sources told the Wall Street Journal that the agency has indicated Bank of America "lacks foresight and merely reacts to problems after they are raised by regulators."

Shares of Bank of America dropped 1% to $17.37.


JPMorgan, Wells Fargo and four other banks have been handed restrictions on the purchase of mortgage-servicing rights from lenders because they haven't yet complied with all the terms of settlements over home-loan issues, according to the Office of the Comptroller of the Currency.

While the banks in question work to meet the requirements, they will still be permitted to originate their own mortgages. JPMorgan believes its issues will be wrapped up in the next few months.

"We're in a position to complete our remaining items by the end of the summer," Jason Lobo, a spokesman for New York-based JPMorgan, said in a statement emailed to Bloomberg.

Shares of JPMorgan closed down 0.4% at $68.14 while shares of Wells Fargo fell 0.1% to $57.17.

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