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The Zacks Analyst Blog Highlights: Bank of America, Wells Fargo & Company, The Goldman Sachs Group, Credit Suisse Group AG and Bank of New York Mellon

Zacks Investment Research, Inc., www.zacks.com. (PRNewsFoto/Zacks Investment Research) (PRNewsFoto/ZACKS INVESTMENT RESEARCH)

News provided by

Zacks Investment Research, Inc.

Jul 05, 2011, 09:30 ET

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CHICAGO, July 5, 2011 /PRNewswire/ -- Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: Bank of America Corp. (NYSE: BAC), Wells Fargo & Company (NYSE: WFC), The Goldman Sachs Group Inc. (NYSE: GS), Credit Suisse Group AG (NSYE: CS) and Bank of New York Mellon Corp. (NYSE: BK).

(Logo: http://photos.prnewswire.com/prnh/20101027/ZIRLOGO)

Get the most recent insight from Zacks Equity Research with the free Profit from the Pros newsletter: http://at.zacks.com/?id=5513

Here are highlights from Friday's Analyst Blog:

Wells Fargo, BofA Retrench Workers

According to Bloomberg, Bank of America Corp. (NYSE: BAC) will retrench 60 employees in its equity sales and trading unit. The decision was taken to boost revenue in the unit by lowering expenses.

The division, comprising approximately 2,500 people, plans to fire least-productive employees globally. BofA also announced jobs cut of approximately 100 employees in its consumer and small business banking unit as of March 2011. The layoffs are part of BofA's ongoing efforts to overhaul its consumer banking unit.

Further, another mega bank, Wells Fargo & Company (NYSE: WFC) has cut 49 jobs in its financial card collections department in Sioux Falls. In January 2011, Wells Fargo also announced to reduce 120 workers in its student loan operations, including many in Sioux Falls, though the company planned to transfer most of the employees to other units.

In March 2011,Wells Fargo also announced that it will lay off approximately 200 employees, including 82 employees in San Antonio, 30 in Addison and 67 in Bedford, Texas in its home mortgage division. Wells Fargo employs about 13,000 people in metro Des Moines. The company's Home Mortgage division, which is based in West Des Moines, captures approximately 25% of the U.S. home lending market.Wells Fargo also announced the elimination of 68 positions at a Vancouver call center, which supports collection of loans for Wells Fargo Financial division, the company's consumer finance subsidiary. The action followed as the customers are paying down debt, eliminating the need for debt collectors.

Many large Wall Street banks have started reducing their workforces to cut costs following the slowdown in economic and market activity. Further, some large Wall Street banks are laying off employees due to weak trading volumes and stringent regulations on some parts of their business.

On Wednesday, The Goldman Sachs Group Inc. (NYSE: GS) also stated its intention to lay off 230 workers in New York State due to economic reasons. The layoffs will be executed during the fourth quarter of 2011 and the first quarter of 2012.

Goldman's New York layoffs represent less than 1% of its 35,400 employees as of March 2011. The layoffs would be in addition to the company's annual retrenching of workers, who perform in the bottom 5% or so. However, Goldman is also hiring employees in China, India and Brazil following growth in such markets.

Credit Suisse Group AG (NSYE: CS) is among the other Wall Street banks that are planning to reduce cost by retrenching employees as they are struggling with reduced revenue from trading stocks and bonds. Further, according to a regulatory filing, Bank of New York Mellon Corp. (NYSE: BK) also informed the labor department about its plans of cutting 124 jobs in its treasury services operations lockbox. The jobs cut will take place in segments beginning July 1, 2011 and continue through March 31, 2012.

We believe that the present job cuts will enable banks to reduce expenses, alleviating bottom-line pressure.

Both Wells Fargo and BofA currently retain Zacks #3 Rank, which translates into a short-term 'Hold' rating.

(For access to the entire story, please click here.)

Want more from Zacks Equity Research? Subscribe to the free Profit from the Pros newsletter: http://at.zacks.com/?id=5515.

About Zacks Equity Research

Zacks Equity Research provides the best of quantitative and qualitative analysis to help investors know what stocks to buy and which to sell for the long-term.

Continuous coverage is provided for a universe of 1,150 publicly traded stocks. Our analysts are organized by industry which gives them keen insights to developments that affect company profits and stock performance. Recommendations and target prices are six-month time horizons.

Zacks "Profit from the Pros" e-mail newsletter provides highlights of the latest analysis from Zacks Equity Research. Subscribe to this free newsletter today: http://at.zacks.com/?id=5517

About Zacks

Zacks.com is a property of Zacks Investment Research, Inc., which was formed in 1978 by Leon Zacks. As a PhD from MIT Len knew he could find patterns in stock market data that would lead to superior investment results. Amongst his many accomplishments was the formation of his proprietary stock picking system; the Zacks Rank, which continues to outperform the market by nearly a 3 to 1 margin. The best way to unlock the profitable stock recommendations and market insights of Zacks Investment Research is through our free daily email newsletter; Profit from the Pros. In short, it's your steady flow of Profitable ideas GUARANTEED to be worth your time! Register for your free subscription to Profit from the Pros at http://at.zacks.com/?id=5518.

Visit http://www.zacks.com/performance for information about the performance numbers displayed in this press release.

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Disclaimer: Past performance does not guarantee future results. Investors should always research companies and securities before making any investments. Nothing herein should be construed as an offer or solicitation to buy or sell any security.

Media Contact
Zacks Investment Research
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SOURCE Zacks Investment Research, Inc.

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