A year after Rosneft announced it was going to buy Morgan Stanley’s physical oil-trading assets, the deal collapsed thanks to regulatory pressures.
“We no longer believe that these firms’ businesses will be hurt by the rule and its various interpretations.”
“The terms of the contract are such that if the deal doesn’t close by year end, the contract expires,” the bank’s chief financial officer said Friday morning.
The investment bank finished megabank earnings week by exceeding analysts’ expectations for profit and revenue.
Bill Gross’s son Nick may not know what a bond is, but he does have an 18-inch floor tom. And he’s not the only finance son or daughter to go from stock and bonds to chords and harmonies.
But besides a big one-off benefit, the quarter was similar to its peers, with declines in fixed income and equity trading revenues and an increase in wealth management and investment banking revenues.
Advisers with more than 15 followers can now tweet and retweet somewhat on their own.
Gary Cohn, Goldman’s president and chief operating officer, said at a conference today that the market rather than the bank was to blame for its sagging trading profits
“Large scale investment banks with balance sheets greater than $500 billion don’t exist now and will not exist in the future.”
ExxonMobil and Morgan Stanley decline to comment on the future of their dealings with the head of the Russian oil giant.
Because the bank is in the midst of one of its biggest crises since 2008. It isn’t webcasting the event either, prompting one analyst to say that symbolically Citi looks like it is “running and hiding.”
Here’s a roundup of comments made by executives at some of the world’s largest trading firms and asset managers about Flash Boys.
The bank’s profits were up 56% from a year ago. It is the only bank so far this quarter to report higher fixed income, commodities, and currencies trading revenue.
The CEO received $18 million in total compensation for 2013, following a year in which Morgan Stanley’s stock shot up 64%.
The Fed’s stress test says 29 of the 30 largest banks are well capitalized enough to survive a large shock, but the biggest banks would take the largest hits. Update: The Federal Reserve made errors in calculating some minimum capital ratios and has released new figures which are included.
Because it looks like their plan to become safer, more stable, and more profitable is working. “This is the biggest business mix transformation of any of the large banks.”
Profit falls 70 percent from a year ago thanks to $1.2 billion in legal expenses.
This quarter last year, they lost money on just two days. All of last year, it was just 14. Ouch.
Though it still had the same nasty drop in trading profits as its peers, Morgan’s investors are happy.
Anthony Noto first became famous as one of the most optimistic tech analysts of the tech boom. After making partner he left Goldman to become CFO of the NFL, only to return and land the hottest tech IPO since Facebook.
The announcement follows a week of congressional and media scrutiny of banks’ involvement in physical commodities.
In a massive survey of consumer attitudes, the biggest gainers are some of the biggest banks. But it’s just negative…to less negative.
If Eliot Spitzer manages to become New York City comptroller, he can’t be overly antagonistic toward Wall Street. After all, as overseer of the city’s finances and fundraising, he would also be a major Wall Street client.
Analysts at Morgan Stanley compare the biggest U.S. online-travel agent to three iconic companies in a research note today.