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Yahoo BusinessAug 08, 2020
Bank of America Stocks Chief Considers Leaving After Snub
(Bloomberg) -- When Bank of America Corp. recently elevated its next class of senior executives, one name was conspicuously absent: Fab Gallo.Few would have bet against the marathon-running head of the firm's global equities division, especially after he set a revenue record early this year amid the messiest markets in a generation. Yet after a leaked recording of a conference call thrust Gallo's blunt communications style into the public, and turbulence emerged in parts of his business, the bank's bosses left him behind.While eight colleagues got invited to join the firm's elite management team in late July, Gallo was told to split duties with a former subordinate.The snub has drawn attention across Wall Street, turning a spotlight on an executive known for pushing subordinates especially hard. It has since prompted discussions between him and senior executives about how long he will remain at the investment bank, according to people familiar with the situation who asked not to be named discussing personnel. Another solution could still be found.Gallo, 54, referred messages to a company spokesperson who declined to comment.The trading veteran was passed over as Bank of America unveiled a series of promotions and added executives to its most senior decision-making body. New members of the panel include his longtime counterpart overseeing fixed-income markets, Jim Demare, who rose to head the global sales and trading division. One of Gallo's subordinates, Soofian Zuberi, was promoted to jointly run the stock-

Yahoo BusinessAug 08, 2020
Coronavirus punishes Warren Buffett, as Berkshire Hathaway takes big writedown
Berkshire, which acquired Precision for $32.1 billion in 2016 in its largest acquisition, said COVID-19 caused airlines to slash aircraft orders, resulting in significantly less demand for Precision's products and revenue to fall by about one-third. It also said results may continue suffering as the unit undertakes an "aggressive restructuring" to shrink operations to meet lowered demand. Precision was not the only drag on Berkshire, which said the pandemic has caused "relatively minor to severe" damage to most of its more than 90 operating businesses, which include the BNSF railroad, Geico auto insurer and See's candies.


KiplingerAug 07, 2020
Drawing Down Retirement Savings in a Pandemic
As the coronavirus shut down the economy last spring, many consumers had their budgets cut by default. Trips and shows were canceled, nonessential medical procedures were postponed and restaurants closed.

SEE MORE 24 Dividend Cuts and Suspensions Chalked Up to the Coronavirus For retirees living on portfolios—or those forced into retirement unexpectedly due to the virus—the forced spending slowdown may have helped cushion the financial blow as they watched their investment account values plummet. Then, stocks lurched ahead and have since been volatile, leaving many retirees to wonder if they should adjust their game plan for retirement income as the economy opens up.

"The first quarter of this year represented the very definition of sequence risk," notes Patrick Nolan, a BlackRock portfolio strategist. "Early in retirement, it's the most challenging situation for a retiree who has begun to take cash flow from retirement accounts. You're selling assets, locking in losses and impairing the future value of the portfolio." 

To be sure, drawing down the right percentage amount from a portfolio each year is complex business. There are tax implications, so drawing from the right accounts at the right time matters. But knowing how much a retiree can spend each year without running out of savings in old age is even more important.

Plenty of tax and financial pros like to argue over the most tax-efficient ways of drawing down a portfolio once retirement has begun. Far fewer enjoy talking frankly about overall spending levels. Who wants to wade into the weeds of telling couples that trip to the Galapagos is off the table?

But let's go there, because the economic fallout from the pandemic is challenging old assumpt

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