Meg Waters is the editor in chief of Treasury & Risk. She is the former editor in chief of BPM Magazine and the former managing editor of Business Finance.
"This doesn't challenge the idea we're still in an expansion, but it does signal we should expect monthly job growth to be more muted and put extra pressure on the Fed to cut rates."
Several big banks are projecting large negative revisions to Q1 jobs numbers, suggesting the labor market has been cooling for longer—and perhaps more dramatically—than originally thought.
The firm mismanaged its $3.4 billion 401(k) plan by overpaying for administrative services and misusing money forfeited by former employees, the class-action lawsuit alleges.
"The predominant risk at this point is that the softening in the labor market gains momentum and the economy tips into an unnecessary and unwanted recession."
BofA employees filed a lawsuit last week alleging that the company mismanaged its 401(k) plan by using assets forfeited by former workers for its own financial benefit.