The S&P 500, the Dow and Nasdaq all off more than 3%
Investors are waiting to learn more about CEO Scharf's strategy amid news of job cuts, sales of business units
Under the rule change, only managers with at least $3.5 billion in equities would have had to publicly report their holdings, up from the current $100 million threshold
The bank is also considering whether to unload its $10 billion student-loan portfolio
Peter Zaffino, currently the company's president, will succeed current CEO Brian Duperreault March 1
Stocks pared their losses during the afternoon as the biggest tech companies recovered
Bondholders are getting back just a few cents on the dollar as a result of weakened covenants, explosion in corporate debt
The changes apply to the bank's more senior employees, some of whom may see their salaries boosted by up to 20%
Selling the business could bring in more than $3 billion
CEO David Solomon and his predecessor, Lloyd Blankfein, will return some compensation as part of the deal
