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Apr 23, 2015

Exclusive: Bitcoin exchange itBit seeks New York banking license

NEW YORK (Reuters) – In a little noticed move, bitcoin exchange itBit has filed for a banking license in New York, according to the state banking authority.

Approval for the license may come in the next couple of weeks, people familiar with the matter told Reuters, which could make itBit the first bitcoin company to be regulated as a bank in the United States.

Apr 23, 2015

Bitcoin exchange itBit seeks New York banking license

By Lauren, Tara and LaCapra

(Reuters) – NEW YORK – In a little noticed move,
bitcoin exchange itBit has filed for a banking license in New
York, according to the state banking authority.

Approval for the license may come in the next couple of
weeks, people familiar with the matter told Reuters, which could
make itBit the first bitcoin company to be regulated as a bank
in the United States.

Apr 23, 2015

Lazard profit beats estimates on higher M&A advisory fees

By Neha Dimri and Lauren Tara LaCapra

(Reuters) – Investment bank and asset manager Lazard Ltd (LAZ.N: Quote, Profile, Research, Stock Buzz) reported a better-than-expected quarterly profit as a jump in corporate dealmaking boosted its M&A advisory fees.

M&A and other advisory fees for Lazard, the sole adviser to H.J. Heinz Co in its merger with Kraft Foods Group Inc (KRFT.O: Quote, Profile, Research, Stock Buzz), rose 9 percent to $260.8 million in the first quarter.

Apr 17, 2015

Insight – U.S. companies use more of their bank credit lines in sign of confidence

NEW YORK (Reuters) – U.S. banks are reporting that companies are tapping more of their credit lines to fund hiring and expand their businesses, a promising sign for the economy.

    Commercial borrowers are using two or three percentage points more of their credit lines than they were a year ago, reaching levels not seen since before the financial crisis was at its height in 2009, senior officials at a number of major banks said in interviews and on conference calls this week. 

Apr 17, 2015

U.S. companies use more of their bank credit lines in sign of confidence

NEW YORK, April 17 (Reuters) – U.S. banks are reporting that
companies are tapping more of their credit lines to fund hiring
and expand their businesses, a promising sign for the economy.

Commercial borrowers are using two or three percentage
points more of their credit lines than they were a year ago,
reaching levels not seen since before the financial crisis was
at its height in 2009, senior officials at a number of major
banks said in interviews and on conference calls this week.

Apr 16, 2015

Goldman’s stock trading boom turns up heat on Morgan Stanley

NEW YORK, April 16 (Reuters) – Goldman Sachs Group Inc’s
blockbuster performance in stock trading last quarter has
some Wall Street watchers wondering whether it knocked rival
Morgan Stanley out of the top spot in equities.

Goldman was head-and-shoulders above Morgan Stanley for many
years in stock trading, where the two banks compete aggressively
to finance hedge funds’ trading positions, win block trading
mandates and gain bragging rights for the best technology.

Apr 16, 2015

Goldman reports highest profit in 5 years as trading picks up

April 16 (Reuters) – Goldman Sachs Group Inc reported
its best quarterly profit in five years on Thursday, notching up
big gains from trading bonds and currencies as global markets
gyrated during the first three months of the year.

Trading in fixed-income products and currencies got a boost
after the Swiss central bank scrapped a cap on the franc, the
European Central Bank announced its quantitative easing program,
and the U.S. Federal Reserve moved to tighten monetary policy.

Apr 14, 2015

Wells Fargo cautious on sales quotas amid banker complaints: CFO

NEW YORK (Reuters) – Wells Fargo & Co takes seriously allegations that some of its bankers push products customers don’t need due to pressure to meet aggressive sales quotas, Chief Financial Officer John Shrewsberry said on Tuesday.

“We have to be cautious and make sure we’re not creating incentives for people to sell products and provide services that are not in the best interest of the customer,” Shrewsberry said in an interview. “We take that deadly seriously, and we have for a long time.”

Apr 6, 2015

Bitcoin technology startup hires Morgan Stanley manager

NEW YORK, April 6 (Reuters) – Factom, a bitcoin technology
company, has hired Morgan Stanley investment manager
Jacob Dienelt as its head treasurer, the company said on Monday.

Dienelt co-founded the paper bitcoin wallet company
Lazzerbee while working at Morgan Stanley, where he had been for
almost a decade. He most recently managed a team of futures
specialists in the bank’s private wealth business.

Apr 1, 2015

Morgan Stanley boosts CEO pay to $16 mln in 2014: filing

NEW YORK (Reuters) – Morgan Stanley’s board boosted Chairman and Chief Executive James Gorman’s compensation by one-third last year, saying the bank’s performance was “strong” but had “room for continued progress,” according to its proxy filing on Wednesday.

Gorman was awarded $16 million for his work last year, up from $12 million in 2013. He is eligible to receive another $6.5 million over the next three years if he meets certain performance targets, up from the $6 million in long-term incentive awards the board outlined for Gorman the prior year.