Thursday, March 22, 2012

BofA exec turns down promotion to leave bank

Welcome to the morning roundup. Here's a look at what's news in banking and finance this morning.

BofA shuffle. Bank of America emerging markets president and president of European credit card head Andrea Orcel is leaving the bank to take a job at UBS, the Wall Street Journal reports. Orcel turned down a promotion to be Bank of America's European president.

Twitter trouble. Wall Street banks are keeping a very tight leash on their use of Twitter, even as they begin wading into social media, The New York Times reports. Many are turning to start-up companies to help them manage their presences.

Banks in fashion. America's banks are "back in fashion," with stock prices steadily rising in 2012, and it could be a sign of an oncoming sustained bull market, Seeking Alpha says.

Smith Barney sale. Citigroup is open to selling its remaining stake in Smith Barney to Morgan Stanley, Blooomberg reports. Morgan Stanley has already bought a piece of the brokerage firm.