Brokers Lose Own $2 Billion in Bad 401(k) Bank Bets

July 10, 2012 5:51am by Barry Ritholtz

Wall Street employees, who dispense financial advice to individuals and companies, aren’t following a basic investing tenet with their own money: diversification. Workers at the five largest Wall Street banks saw the value of company stock in their 401(k) accounts, sometimes the biggest holding of those plans, decline more than $2 billion last year, according to annual filings.

Those losses don’t include shares received as bonuses.
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