Morgan Stanley likes to tout the steady revenue provided by its wealth management franchise. At the same time, the bank is arguing that it’s Smith Barney joint venture with Citigroup is worth $13 billion less than Citi estimates. Bloomberg’s Michael Moore breaks down the process by which investment bank Perella Weinberg will assess the JV this week.
The median home price in Greenwich, Conn. fell 11 percent in the first seven months of the year, according to Bloomberg, as Wall Street cut jobs and pared compensation.
M&T Bank’s deal for Hudson City Bancorp shows the Buffalo-based acquirer needs capital to meet new regulatory requirements, writes Peter Eavis in The Times.
Barclays has watched energy traders depart for other firms after the bank placed capped bonuses and limited the amount that traders can risk.
Credit Agricole hopes to reach a deal to sell its Greek unit in the next few weeks, the French lender’s CEO Jean-Paul Chifflet said today. Credit Agricole said it lost 370 million euros on the Emporiki in the second quarter.
Depositors are pulling money out of Spanish banks, Reuters reports, and the Spanish recession continues to deepen.
Greece is planning special economic zones that would offer tax and administrative advantages (but which not allow business to pay lower wages).
In the U.S., meanwhile, things are such that investors are giving up on stocks and bonds and placing bets on…the Iraqi Dinar. That’s old news, but The New York Post reports that a Dinar trade figures in the plot of Hollywood’s Hit and Run, starring Kristen Bell.
In Hong Kong, Occupy protestors defied a court order to evacuate HSBC’s headquarters. According to Bloomberg, media outnumbered protestors.
Greenlight Capital founder David Einhorn sank $15 million into a Milwaukee-based venture capital firm—the Capital Midwest Fund, managed by his brother Daniel and father Stephen.
William C. Butcher, former chairman and chief executive officer of Chase Manhattan, died at 85.