Top of the Morning: EU Job Cuts, More Power for Finra, Crude Pushes Higher, Best Buy, French Banks

More Job Cuts Loom for EU Banks With Fixed Pay (Bloomberg) European banks may resort to more jobs cuts or zero bonuses as they struggle to maintain fixed compensation levels amid deteriorating financial markets. Finra Makes Its Case for More Power (Dealbook) Wall Street’s self regulator is stepping up its bid for more power, telling Congress on Tuesday that it is well equipped to replace the strapped Securities and Exchange Commission as overseer of the investment advisory industry. Crude Pushes Higher Despite Dimming Demand View (WSJ) Oil futures traded higher as traders focused on expectations for a drop in U.S. crude inventories and shrugged off recent forecasts calling for weaker oil demand. Best Buy Co., Inc. (NYSE:BBY) Best Buy 2nd quarter net income drops (LA Times) Best Buy Co. said Tuesday its fiscal second-quarter net income fell 30 percent as consumers hit the pause button on buying electronics while fears about the global economy persist. BNP Paribas, SocGen Rebound After Rejecting Money-Market Funding Concerns (Bloomberg) BNP Paribas (BNP) SA, France’s biggest bank, and Societe Generale SA rebounded in Paris trading after rejecting concerns over their access to funding.
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