Wall Street Employees Lose $2 Billion On House Bets
Current and former Morgan Stanley employees, who receive company shares to match their 401(k) contributions, held 24 percent of retirement assets in the firm’s stock before last year’s decline, the highest percentage of any of the banks. They lost $570 million in 2011 as the shares plunged 44 percent.
Bank of America employees lost the most, $1.37 billion, as the lender’s stock dropped 58 percent last year. Workers at JPMorgan and Citigroup, both based in New York, also lost hundreds of millions.
JPMorgan employees, some of whom received stock in the company until last year to match retirement contributions, devoted 18 percent of their funds to the lender’s shares at the end of 2010. Bank of America employees put 13 percent of their assets in the bank’s stock, while the figures for Citigroup and New York-based Goldman Sachs Group Inc. (GS) were 8 percent and 2 percent, respectively.
Jul 10, 2012 at 11:20 AM
Reader Comments (1)
http://www.bloomberg.com/news/2012-07-10/confidence-among-small-u-s-companies-falls-by-most-in-two-years.html