Finally, sense: As you may recall, Bill Johnson was slated to assume Duke Energy’s chief executive office per the terms of a merger between Duke Energy and Progress Energy. (Mr. Johnson had run Progress Energy before the merger.) Well, Mr. Johnson did assume the office, but on the next day he left the company, scooping Read More
Wall Street ax: The six largest U.S. banks have cut 18,000 jobs in the last year, according to The Wall Street Journal, and the industry is showing no signs of slowing down its cost-saving efforts. Goldman Sachs said it would pare an additional $500 million in expenses in the second half of the year, Read More
Naive! Morgan Stanley CEO James Gorman has no sympathy for Facebook investors who expected to profit from a first-day spike in share prices. “People who thought they were buying this stock so they could get an enormous pop were both naive and ordered under the wrong pretenses,” Mr. Gorman said yesterday in an interview with CNBC. To which he might have added: “Didn’t they read Devitt’s research?” Mr. Gorman, of course, had this to say in January to investment bankers upset over Morgan Stanley pay cuts: “You’re naive, read the newspaper.“ Read More
