, May 14 (Reuters) – Of the five or six
problems that sat atop the desk of Morgan Stanley Chief
Executive James Gorman a year ago, only one remains: making sure
the bank’s bond trading business shrinks to profitability rather
At Morgan Stanley’s annual meeting on Tuesday, Gorman
identified fixed-income, currency and commodities (FICC) trading
as the one place where he still has to prove himself to
investors, after shepherding his bank through a crisis of
confidence last year related to a ratings downgrade.
NEW YORK (Reuters) – Goldman Sachs Group Inc (GS.N: Quote, Profile, Research, Stock Buzz) shareholders should vote against the Wall Street bank’s executive compensation proposal because the board has “failed to link pay with performance,” proxy advisory firm Glass Lewis said in a report on Monday.
Shareholders should also vote against director James Johnson, Glass Lewis said, because of his position as chair of the compensation committee and prior roles at public companies that suffered financial issues and scandals.
May 11 (Reuters) – Bloomberg LP customers, including the
U.S. Federal Reserve and the U.S. Treasury, were examining on
Saturday whether there could have been leaks of confidential
information, even as the media company restricted its reporters’
access to client data and created a position to oversee
compliance in a bid to assuage privacy concerns.
The financial data and news company, whose computer
terminals are widely used on Wall Street, had allowed
journalists to see some information about terminal usage,
including when customers had last logged in, and how often they
used messaging or looked up data on broad categories, such as
equities or bonds.
May 11 (Reuters) – After reports that users of the company’s
financial terminals were investigating potential leaks of
confidential information, Bloomberg LP CEO Daniel Doctoroff
said that the company had made a “mistake” by giving journalists
access to data on clients’ terminal usage.
The financial information and news company sought to assure
its customers that Bloomberg News journalists will no longer
have any information about what users of its terminals are
NEW YORK, May 9 (Reuters) – Goldman Sachs Group Inc
has slashed its capital pledges to investment funds by nearly
half since the Volcker rule was signed into law in 2010, as it
prepares its principal investment business for restrictions on
investing its own money, according to regulatory filings.
The Wall Street bank has reduced future commitments to hedge
funds and funds that invest in private equity, credit and real
estate, by $5.8 billion since June 2010, the last period before
the Volcker rule was included in the Dodd-Frank financial reform
act. That represents a reduction of 48 percent, according to
data in filings with the U.S. Securities and Exchange
By Lauren Tara LaCapra
(Reuters) – American International Group Inc’s (AIG.N: Quote, Profile, Research, Stock Buzz) property and casualty business booked its first underwriting profit in two and a half years during the first quarter, as the insurer wrote more premiums at higher prices and reported lower losses.
The long-awaited turnaround in AIG’s property and casualty business helped the company beat analysts’ quarterly profit expectations on Thursday, sending its shares up 3 percent in after-hours trading.
By Lauren Tara LaCapra
(Reuters) – A Goldman Sachs Group Inc affiliate (GS.N: Quote, Profile, Research, Stock Buzz) plans to spend $743 million to buy Ebix Inc (EBIX.O: Quote, Profile, Research, Stock Buzz), an insurance software provider that has been a target of allegations from short-sellers about inaccuracies in its financial statements.
An affiliate in Goldman’s merchant bank agreed to pay $20 per share for Ebix, which repeatedly has denied claims by the short sellers – some made as recently as in March – in critical reports posted online.
NEW YORK (Reuters) – Goldman Sachs Group Inc (GS.N: Quote, Profile, Research, Stock Buzz) has named Julian Salisbury to become head of its Global Special Situations Group, as current head Jason Brown retires, according to memos sent on Wednesday that were obtained by Reuters.
Salisbury, a partner and managing director who now heads the group’s European operation, will move from London to New York for the role.
NEW YORK, May 1 (Reuters) – Goldman Sachs Group Inc
has named Julian Salisbury to become head of its Global Special
Situations Group, as current head Jason Brown retires, according
to memos sent on Wednesday that were obtained by Reuters.
Salisbury, a partner and managing director who now heads the
group’s European operation, will move from London to New York
for the role.
NEW YORK (Reuters) – Canadian coffee-and-doughnut chain Tim Hortons Inc has come under pressure from a large investor to aggressively boost returns through debt-funded share buybacks and a scaling back of U.S. expansion plans, according to documents seen by Reuters and two sources familiar with the matter.
Hedge fund Highfields Capital, which owns about 1.5 percent of the company and which has a track record of bringing about change at other firms, wants Tim Hortons to borrow $3.4 billion to buy back more than one-third of its outstanding shares at $59 apiece, the documents show.