On September 8, 2011 Federal Reserve Board Chairperson Ben Bernanke spoke in Minnesota with regards to the long term outlook for the economy of the United States. The reality is, he thinks there are a lot of reasons why the recovery is going so sluggishly, which includes not enough development in the property and new construction sectors accompanied by low household expenditures to be a reflection of decreased consumer trust. In other banking news, the number of employees that Bank of America will likely need to lay off is rising assorted differing accounts have already been received. The most recent released number is 40,000.Based on a press release dated 9/10/11 from the bank in Charlotte N.C., it is an appropriate projection.

In bank reviews of the Bank of America, Christopher Whalen acknowledged Consumers are definitely going to see reduced service levels for consumers. Christopher, who follows Institutional Risk Analytics, also said They are also discussing possibly shutting down branches or maybe reducing the head count in the branches. 40,000 employees are above 10 percent of B of A’s work force. Part of its difficulties start from the takeover of Countrywide in 2008, that has exposed it to legal actions.

Even smaller banking institutions are trimming expenses. In banking news on 9/9/11, Valley National Bank revealed that it won’t continue its Moody’s Rating Coverage as soon as the present contract expires.

Upon a review of our recent ratings, management determined that we have now suitable coverage from a number of agencies, among them Standard & Poor’s and DBRS, that rate our organization according to Senior Executive Vice President and Chief Financial Officer Alan Eskow. Reported by S&P and DBRS, Valley had ‘A’ ratings with a stable outlook.

Mr. Eskow additionally stated, the quantity of securities outstanding will not make a case for three ratings companies at the moment.

Valley National Bank have their headquarters in Wayne, New Jersey. It’s going to maintain service in the regular regions.

In general bank reviews are likely to decline as banking institutions scramble with new ways to fund the new requirements of the Durbin Amendment. Banks have increased fees, cut back rewards programs, and are making new fees up. This appears to add up as the banking sector is believed to lose a large amount by the year 2013.