The New York State Department of Financial Services, which threatened to revoke Standard Chartered Bank’s license this week over allegations the firm conducted $250 billion in transactions with Iranian banks, is talking settlement with the British bank, according to The New York Post.
Standard Chartered’s lawyers believe there’s a case to sue DFS over Read More
Who doesn’t like to celebrate a job promotion? Go out to a fancy dinner, uncork a pricey bottle of champagne, buy some new shoes. Or if you’re Helen Meates, spend $4.3 million on a new condo.
In June, Ms. Meates, the chief operating officer of Morgan Stanley’s global capital markets became the deputy head of the business. Ms. Meates and Simon Prisk, a corporate lawyer, apparently decided the new position should be marked by a move to a swankier four-bedroom condo at The Aldyn.
It’s earnings season on Wall Street, and earnings at the biggest financial firms have been mostly down, lower profit means paring expenses, cost-saving means cutting comp, or showing some employees the door. And indeed, the 18,000 jobs The Wall Street Journal says the six biggest U.S. banks have cut in the last year are just 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
Rest In Peace
Barton Biggs, former Morgan Stanley chief global strategist and much-admired market prognosticator, died on Saturday at the age of 79, according to a memo sent to Morgan Stanley employees.
Mr. Biggs began his career in finance at E.F. Hutton in 1961, and started one of the first hedge funds, Fairfield Partners, four years Read More
Whither Europe: Greece’s center-right New Democracy party won 29.7 of the vote in parliamentary elections yesterday, claiming the 50-seat bonus for winning the most votes and positioning the party to form a coalition that would keep the country in the bailout-for-austerity agreement signed with European rescuers. Alex Tsipras’ Syriza party, which had promised to Read More
Whither Europe: Greeks are withdrawing $1 billion daily and hording dry foods ahead of June 17 elections that may hasten the country’s exit from Europe’s monetary union.
An ill-timed acquisition has made Credit Agricole the foreign bank with the most to lose in the Greek crisis.
Despite Spanish Prime Minister Mariano Rajoy’s assertion Read More
“Sorry” doesn’t help: Is anybody happy with Nasdaq’s plan to dole out $40 million in cash payments and future discounts to compensate market participants for losses suffered during the technical glitches that delayed trading in Facebook stock on May 18? The New York Stock Exchange cried foul, arguing that Nasdaq’s plan “is tantamount to forcing Read More
Morgan Stanley is planning to ax 100 traders internationally in the weeks to come, according to the New York Post, which posits a cruel summer for investment bankers as firms grapple with lower trading revenue.
Meanwhile, The New York Times reported that Goldman Sachs let go about 50 bankers last week, including some Read More
Goldman Sachs let go 50 employees last week, including a number of managing directors, The New York Times reported this evening. That adds to the 3,000 employees the investment bank has sent packing in the last year, as the firm deals with an industry wide revenue crunch driven by the looming European debt crisis and Read More