Grant Buerstetta Comments on Effects of Dodd-Frank with P&I
March 7, 2011
Grant Buerstetta, partner in Blank Rome’s financial services practice group, discussed what banks are doing after financial reform legislation was enacted six months ago with Pensions & Investments.
Many large banks, including J.P Morgan Chase &Co., are restructuring to comply with the Volcker Rule provision of the 2010 Dodd-Frank Wall Street Reform and Consumer Protection Act.
“A lot of big banks have taken the position that they need to divest their prop desks to comply with Dodd-Frank requirements. For some, there's some question about whether they absolutely have to do that,” Mr. Buerstetta said.
He noted that “many banks are gearing up to get rid of their hedge funds and prop desks so as not to attract any more negative attention about their assets. They are perhaps being more conservative in their interpretation of Dodd-Frank that they really need to be.”
“Dodd-Frank prompts banks to shed prop units, hedge fund teams” by Christine Williamson appeared in the March 7, 2011 issue of Pensions & Investments. To read the complete article, visit www.pionline.com.