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.
Nasdaq may be planning to sweeten its compensation offer to entities that suffered losses due to technical problems at the exchange on the day of Facebook’s initial public offering, The New York Post reports, which would fit the pattern: Nasdaq makes an offer, the market makers—Citigroup, UBS, Citadel and Knight—talk tough, Nasdaq ups Read More
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 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 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, 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 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 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 Read More