Lauren's Feed
Apr 18, 2013

Morgan Stanley posts $958 mln profit as wealth management grows

April 18 (Reuters) – Morgan Stanley reported a
stronger-than-expected first-quarter profit of $958 million,
compared with a year-earlier loss of $119 million, as its wealth
management business grew.

The sixth-largest U.S. bank by assets said on Thursday it
earned 49 cents per share on a consolidated basis in the first
three months of the year, compared with a loss of 6 cents per
share a year earlier.

Apr 16, 2013

Goldman’s bond trading slump stirs profit concerns

By Lauren Tara LaCapra and Tanya Agrawal

(Reuters) – Goldman Sachs Group Inc (GS.N: Quote, Profile, Research) said revenue from trading bonds with clients fell 7 percent in the first quarter, raising questions about the health of the bank’s biggest money maker and the prospects for fixed-income trading profits on Wall Street.

Equities trading revenue has been squeezed for years across Wall Street by the growth of online trading platforms, but the fixed-income, currency, and commodities business has only recently begun facing similar pressures.

Apr 16, 2013

Goldman earnings top estimates on gains from own investments

April 16 (Reuters) – Goldman Sachs Group Inc reported
a stronger-than-expected 5.5 percent rise in quarterly profit as
it earned more from underwriting fees and its own investments.

Net income applicable to common shareholders at the top Wall
Street bank rose to $2.19 billion, or $4.29 per share, in the
first quarter from $2.07 billion, or $3.92 per share, a year
earlier.

Apr 16, 2013

Goldman Sachs profit beats estimates

By Lauren Tara LaCapra and Tanya Agrawal

(Reuters) – Goldman Sachs Group Inc reported a stronger-than-expected 5.5 percent rise in quarterly profit as it earned more from underwriting fees and its investing and lending segment.

Net income applicable to common shareholders at the top Wall Street bank rose to $2.19 billion, or $4.29 per share, in the first quarter from $2.07 billion, or $3.92 per share, a year earlier.

Apr 15, 2013
via Unstructured Finance

Goldman, AIG and the government renew their friendship

Scanning Goldman Sachs’s newly published interactive annual report on Monday, Unstructured Finance had to do a double-take upon seeing American International Group highlighted as a client success story.

Yes, that’s right. AIG.

Goldman’s site features a 3-minute, 47-second video with two investment bankers, Devanshu Dhyani and Andrea Vittorelli, talking about their work on various AIG deals to help repay the U.S. government.

Apr 12, 2013

Goldman CEO Blankfein got 75 percent compensation boost in 2012

NEW YORK (Reuters) – Goldman Sachs Group Inc’s (GS.N: Quote, Profile, Research, Stock Buzz) board awarded Chief Executive Lloyd Blankfein a 75 percent increase in compensation, to $21 million, for 2012 – including pay, bonus and restricted stock award.

His pay was unchanged at $2 million, but both his cash bonus and stock award almost doubled to $5.7 million and $13.3 million, respectively.

Apr 11, 2013

SEC tells banks to improve structured note disclosures: filings

NEW YORK (Reuters) – The Securities and Exchange Commission told five big Wall Street banks last year to improve disclosures about structured notes that are mostly sold to retail investors, and criticized use of the term “principal protected” in marketing materials.

The SEC sent letters to JPMorgan Chase & Co (JPM.N: Quote, Profile, Research, Stock Buzz), Bank of America Corp (BAC.N: Quote, Profile, Research, Stock Buzz), Citigroup Inc (C.N: Quote, Profile, Research, Stock Buzz), Goldman Sachs Group Inc (GS.N: Quote, Profile, Research, Stock Buzz) and Morgan Stanley (MS.N: Quote, Profile, Research, Stock Buzz) on April 12, 2012, with 14 comments about their marketing, pricing and distribution practices for structured notes that the banks issued from April 2009 through March 2012.

Apr 11, 2013

U.S. SEC tells banks to improve structured note disclosures -filings

NEW YORK, April 11 (Reuters) – The U.S. Securities and
Exchange Commission told five big Wall Street banks last year to
improve disclosures about structured notes that are mostly sold
to retail investors, and criticized use of the term “principal
protected” in marketing materials.

The SEC sent letters to JPMorgan Chase & Co, Bank of
America Corp, Citigroup Inc, Goldman Sachs Group
Inc and Morgan Stanley on April 12, 2012, with 14
comments about their marketing, pricing and distribution
practices for structured notes that the banks issued from April
2009 through March 2012.

Apr 10, 2013

Analysis: How Goldman’s dollar-store bet reaped a fortune

By Lauren Tara LaCapra and Carrick Mollenkamp

(Reuters) – Goldman Sachs Group Inc has likely generated around $1.2 billion of revenue over six years from its dealings with discount retailer Dollar General Corp, a Reuters review shows. Just don’t expect the investment bank to boast about it.

Much of the revenue stems from an equity investment that is lumped into a catchall earnings segment called “Investing and Lending.” Goldman created the segment in 2011 to shine some light on how much money it makes from investing its own money, but it still confounds analysts and investors because the bank does not provide details on the performance of individual assets.

Apr 10, 2013

How Goldman’s dollar-store bet reaped a fortune

April 10 (Reuters) – Goldman Sachs Group Inc (GS.N: Quote, Profile, Research) has
likely generated around $1.2 billion of revenue over six years
from its dealings with discount retailer Dollar General Corp
(DG.N: Quote, Profile, Research), a Reuters review shows. Just don’t expect the investment
bank to boast about it.

Much of the revenue stems from an equity investment that is
lumped into a catchall earnings segment called “Investing and
Lending.” Goldman created the segment in 2011 to shine some
light on how much money it makes from investing its own money,
but it still confounds analysts and investors because the bank
does not provide details on the performance of individual
assets.