Lauren's Feed
Sep 24, 2013

Regulators haven’t solved ‘too big to fail’: Morgan Stanley executive

By Lauren Tara LaCapra

(Reuters) – The problem of some banks being “too big to fail” remains because global regulators have not come up with a coordinated way to wind them down without causing market-wide disruptions, a senior Morgan Stanley executive said on Tuesday.

Colm Kelleher, head of Morgan Stanley’s institutional securities business, said that while the system is safer now than it was at the peak of the financial crisis in 2008, competing regulatory agendas in Europe, the UK and the United States have hampered progress. Because global banks are large and interconnected – through short-term loans and derivatives contracts, for instance – one bank getting into trouble could still have wide-ranging effects, he said.

Sep 24, 2013

Regulators haven’t solved ‘too big to fail’ -Morgan Stanley exec

Sept 24 (Reuters) – The problem of some banks being “too big
to fail” remains because global regulators have not come up with
a coordinated way to wind them down without causing market-wide
disruptions, a senior Morgan Stanley executive said on
Tuesday.

Colm Kelleher, head of Morgan Stanley’s institutional
securities business, said that while the system is safer now
than it was at the peak of the financial crisis in 2008,
competing regulatory agendas in Europe, the UK and the United
States have hampered progress. Because global banks are large
and interconnected – through short-term loans and derivatives
contracts, for instance – one bank getting into trouble could
still have wide-ranging effects, he said.

Sep 17, 2013

Former Lehman President Gregory puts antiques on auction block

NEW YORK, Sept 17 (Reuters) – Former Lehman Brothers
President Joseph Gregory, who often commuted by helicopter to
work before his bank went bust, is auctioning off a collection
of centuries old furniture and artwork from his Long Island
mansion which sold in June.

Auction house Sotheby’s said on Tuesday that
“important English furniture from some of the most notable
cabinet makers, along with European porcelain and decorations”
would be auctioned next month in a sale devoted to the
collection of Gregory and his wife, Niki.

Sep 16, 2013

U.S. banks say they are safer by their own measures

NEW YORK (Reuters) – The biggest U.S. banks, including JPMorgan Chase & Co (JPM.N: Quote, Profile, Research, Stock Buzz) and Bank of America Corp, (BAC.N: Quote, Profile, Research, Stock Buzz) said that by their own reckoning they are better equipped to withstand global downturns now than they were in March.

The results may have been helped by the banks having built capital levels in recent months as the economy showed some signs of improvement and they earned more money.

Sep 16, 2013

Goldman names Chavez as CIO, when Scopellite retires

NEW YORK (Reuters) – Goldman Sachs Group Inc (GS.N: Quote, Profile, Research) has named R. Martin Chavez to become chief information officer when Steven Scopellite, a 28-year veteran of the bank’s technology group, retires at year-end, according to internal memos on Monday.

Chavez is now co-chief operating officer of Goldman’s equities business. He is known for his technological and analytical skills, having overseen the creation in the 1990s of an internal software platform that is now called Marquee, but was first called “Marty.”

Sep 16, 2013

Exclusive – Goldman names Chavez as CIO, when Scopellite retires

NEW YORK (Reuters) – Goldman Sachs Group Inc (GS.N: Quote, Profile, Research) has named R. Martin Chavez to become chief information officer when Steven Scopellite, a 28-year veteran of the bank’s technology group, retires at year-end, according to internal memos on Monday.

Chavez is now co-chief operating officer of Goldman’s equities business. He is known for his technological and analytical skills, having overseen the creation in the 1990s of an internal software platform that is now called Marquee, but was first called “Marty.

Sep 16, 2013

Exclusive – Goldman names Chavez CIO as Scopellite retires: memos

NEW YORK (Reuters) – Goldman Sachs Group Inc (GS.N: Quote, Profile, Research, Stock Buzz) has named R. Martin Chavez to become its new chief information officer once current CIO Steven Scopellite, a 28-year veteran of its technology group, retires at year-end, according to internal memos.

Chavez is co-chief operating officer of the Wall Street bank’s equities business. He is known for his technological and analytical skill, having overseen the creation in the 1990s of an internal software platform that is now called Marquee, but was first called “Marty.

Sep 16, 2013

Goldman names Chavez CIO as Scopellite retires -memos

NEW YORK, Sept 16 (Reuters) – Goldman Sachs Group Inc
has named R. Martin Chavez to become its new chief information
officer once current CIO Steven Scopellite, a 28-year veteran of
its technology group, retires at year-end, according to internal
memos.

Chavez is co-chief operating officer of the Wall Street
bank’s equities business. He is known for his technological and
analytical skill, having overseen the creation in the 1990s of
an internal software platform that is now called Marquee, but
was first called “Marty.”

Sep 12, 2013

Analysis: Five years after Lehman, risk moves into the shadows

NEW YORK (Reuters) – Just days after UBS AG (UBSN.VX: Quote, Profile, Research, Stock Buzz) said that it would gut its fixed-income trading business last October, three of the Swiss bank’s senior executives left to launch a firm to go where big banks won’t anymore.

The fund, called Melody Capital Partners, is raising about $750 million to make loans or buy debt of companies and other entities with bad credit or no credit rating. Often the borrowers are in financial distress and the financing arrangements tend to be unusual in nature.

Sep 12, 2013

Five years after Lehman, risk moves into the shadows

NEW YORK, Sept 12 (Reuters) – Just days after UBS AG
said that it would gut its fixed-income trading
business last October, three of the Swiss bank’s senior
executives left to launch a firm to go where big banks won’t
anymore.

The fund, called Melody Capital Partners, is raising about
$750 million to make loans or buy debt of companies and other
entities with bad credit or no credit rating. Often the
borrowers are in financial distress and the financing
arrangements tend to be unusual in nature.