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Module 1 - In-Class Practice

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20 views3 pages

Module 1 - In-Class Practice

Uploaded by

tram anh
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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MODULE 1: IN-CLASS PRACTICE

Part 4: Read the passages and answer the questions.


Passage 1
Bank of America Corp (BACN), the second largest in the United States by assets, is
planning to cut about 300 jobs in its investment banking and capital markets group, as it struggles
to reduce costs to make up for weak revenue growth, as said by its CEO on Tuesday. The layoffs
are not as serious as the bank's job cuts in areas like retail banking.
Wall Street companies have broadly been looking at cutting jobs recently. The bank is also
assigning junior bankers to work with broader groups of companies. That move could also lead to
more layoffs. The changes for junior bankers are part of the cost-cutting program known as
"Project New BAC," which the bank launched last year to improve profits as the economy weighs
on revenue growth, and new regulations boost compliance costs. The bank is also trying to
streamline a company that has grown increasingly bigger after decades of acquisitions.
The first phase of the program is expected to cut about 30,000 jobs and $5 billion in annual
expenses in consumer and technology areas over the next several years. Plans for the second phase,
which covers investment banking, sales and trading, and commercial banking, are expected to be
finalized in May.

Questions
1. In what sector is the Bank of America Corp. planning to have the layoff?
2. Why does the Bank of America Corp want to lay off their employees?
3. What is the name of the program to reduce costs?
4. By how much will the first round of layoffs cut expenses over the next couple of years?
5. When is the second phase of the program intended to end?
Passage 2
Central Banks' Functions
Central banks' functions vary according to time and setting. Essentially, a modern central
bank performs at least three functions: managing the nation's monetary system, serving as a
banker's bank and acting as a fiscal agent for the national government.
Monetary Control
The most important characteristic of the modern central bank is its control over the
monetary system for facilitating the achievement of national economic goals. In exerting this
control, the central bank regulates the supply, cost and availability of money and credit. Monetary
control is enhanced by the central bank's monopoly on the banknote issue and its ability to create
and destroy monetary reserves through its lending and investing activities. Since monetary control
is a prerogative of the sovereign government, the central bank is a public service organisation that
emphasizes the national interest rather than its own profit or welfare.
Bankers' Bank
Being a bankers' bank implies that the central bank provides services to the commercial
banking system similar to those that the commercial banking system performs for individuals and
businesses. Some of these services support the central bank's basic function of monetary control:
holding the legal reserves of the commercial banking system, providing short-term loans or
advances to commercial banks, and serving as a lender of last resort. More commonplace services
that nevertheless promote the smooth operation of the monetary and banking systems include, for
example, distributing coin and paper currency to commercial banks, and providing some degree
of supervision and regulation over the activities of commercial banks.
Fiscal Agency Function
In its role as a fiscal agent, the central bank serves as a banker for the national government.
Here, the central bank receives, holds, transfers and disburses funds from the central government.
Furthermore, the central bank provides technical services related to the public debt: receives and
allots subscriptions to new treasury security issues, redeems interest coupons and maturing
securities, and, under certain conditions, makes short-term advances to the government. Typically,
the central bank is a major financial adviser to the national government, and in some nations, it is
responsible for managing the public debt.
Questions
What are the three main central banks’ functions and activities? Fill in the table below.

Functions 1. 2. 3.

Activities

Part 5: Translate the following sentences into Vietnamese or English.


1. A financial institution is an establishment that conducts financial transactions such as
investments, loans, and deposits.
2. Corporate financiers are viewing China as one of the next big investment opportunities.
3. It is easier for potential investors to make investment decisions about a business that is
already running.
4. The significant rise in interest rates was only in some small-sized banks and did not reflect
the common trend of the entire banking system.
5. Nhờ công nghệ, chúng ta có thể mua sắm trực tuyến, giao tiếp trực tuyến, và thậm chí có
thể thực hiện ngân hàng trực tuyến.
6. Sau khi tích lũy kinh nghiệm làm việc trong ngân hàng, nhiều người tham gia các khóa học
về các quy trình trong ngân hàng, cho vay, hoặc đầu tư.

Part 6: Make meaningful sentences by adding between 8 and 15 words to the given phrases.
1. A credit card holder becomes a defaulter when ……..
2. In order to deposit cash into your account, ……..
3. Many international banks in Vietnam ……..
4. Vietnam’s commercial banks have been very active in ……
5. Many Asian investors are interested in …….

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