Wall Street Workers' Bad 401(k) Bet

Employees lose $2 billion on company stock in 401(k) plans
Illustration by Sam Island

Wall Street workers, many of whom dispense financial advice, aren’t following a basic investing tenet with their own money: diversification. Employees at the five largest Wall Street banks—JPMorgan Chase, Bank of America, Citigroup, Goldman Sachs Group, and Morgan Stanley—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.

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