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The article reports on the condition of technology companies in New York as of July 2023. Topics discussed include number of workers laid off by large technology companies since early 2022, significance of the technology sector to New York's economy, and number of jobs added by small and large technology companies in New York in the five years through the end of 2021.

The article discusses criticisms of the New York Federal Reserve's (Fed's) oversight of large banks and financial institutions at a U.S. Senate Banking subcommittee hearing. Topics addressed include criticisms of New York Fed president William C. Dudley's leadership, as well as allegations that the New York Fed's oversight of a deal between banks Goldman Sachs and Santander was not thorough.

When JPMorgan Chaserevealed its $2 billion loss last week, it looked as though the big Wall Street banks were up to their old tricks, using their government-backed funds to make risky trades in a misguided effort to improve their profits. But even banks that focus mainly on good, old-fashioned lending do their fair share of high-stakes trading. [ABSTRACT FROM AUTHOR]

A major new rule that has drawn the ire of Wall Street is on track for completion sooner than some bankers had expected, dashing the hopes of financial industry lobbyists, who have pressed for a delay. Regulators are making significant progress on a final draft of the regulation, the Volcker Rule, and some officials expected to complete it by September and possibly as early as this summer, people with direct knowledge of the matter said. The people, who spoke on the condition of anonymity, cautioned that regulators have not set a firm date for completing the rule. [ABSTRACT FROM AUTHOR]

Wall Street made its broadest assault yet against new regulation on Monday, taking aim at a rule that has come to define the battle over how to police banks in the aftermath of the financial crisis. Regulators in charge of writing the Volcker Rule, which would ban banks from trading with their own money, were inundated with complaints and suggestions on Monday, the deadline to comment on a draft proposal. More than 200 letters were expected to be filed by the midnight deadline on the rule, which regulators outlined in October. [ABSTRACT FROM AUTHOR]

The article focuses on Lehman Brothers Holdings Inc. which is being viewed by some investors as a cheap way to bet on any eventual markets recovery after its shares recovered on the New York Stock Exchange (NYSE) in April 2008. The stock of the company rose approximately 6 percent to close at $46.38. Lehman accumulated about $1.6 billion in pretax gains due to changes in hard-to-value equity assets and the value of its own debt. Chief financial officer (CFO) Erin Callan attributed low earnings to the challenging markets.

The article reports on the three investment funds that have been liquidated by Lehman Brothers Holdings Inc. after stressed markets caused the fund's assets to decline in value. It states that $1 billion worth of assets have been recorded by the New York investment bank on its balance sheet as part of the liquidation and an additional $800 million of assets were purchased from other funds.