Lauren's Feed
Jun 26, 2013

Morgan Stanley won’t meet bond-trade goal this quarter: analyst

NEW YORK (Reuters) – Morgan Stanley (MS.N: Quote, Profile, Research, Stock Buzz) is expected to report bond-trading revenue below the target the Wall Street bank set after its disappointing first-quarter results, an analyst said on Wednesday.

Morgan Stanley will report $1.25 billion in fixed income, currency and commodities (FICC) trading revenue for the second quarter, below the target of $1.5 billion to $2.5 billion the bank recently outlined as necessary to meet its cost of capital, said Richard Staite, an analyst with Atlantic Securities.

Jun 21, 2013

Morgan Stanley finishes wealth business buyout

By Lauren Tara LaCapra

(Reuters) – Morgan Stanley said it will buy the rest of its wealth-management joint venture with Citigroup Inc by the end of the month, completing a deal started during the financial crisis that was designed to stabilize both banks.

Morgan Stanley will pay $4.7 billion for Citigroup’s remaining 35 percent stake in the joint venture that the two banks set up in 2009. It is also paying about $2 billion to redeem Citigroup’s preferred securities.

Jun 13, 2013
via Unstructured Finance

Goldman fund haggles with REIT investors over 10-cent printing fee

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A Goldman fund’s REIT charges investors 10 cents per page for financial statements.

Of all the accusations made by an aggrieved group of REIT investors against Goldman Sachs, perhaps the most surprising is how stingy the bank can be.

Jun 13, 2013
via Unstructured Finance

Wall Street goes to war with hackers in Quantum Dawn 2 simulation

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Wall Street will have a simulated cyber war called Quantum Dawn 2 this month.

 

Quantum Dawn 2 is coming to Wall Street.

No, it’s not a video game or a bad zombie movie; it’s a simulated cyber attack to prepare banks, brokerages and exchanges for what has become an ever-bigger risk to their earnings and operations.

Organized by the trade group SIFMA, Quantum Dawn 2  will take place on July 18 – a summer Thursday that, with any luck, will be a relatively quiet day in the real markets.The drill involves not just big Wall Street firms like Citigroup and Bank of America, but the Department of Homeland Security, the Treasury Department, the Federal Reserve, the Securities and Exchange Commission, according to SIFMA officials.

Jun 13, 2013

Goldman offers top clients automated block trading

NEW YORK (Reuters) – Goldman Sachs Group Inc (GS.N: Quote, Profile, Research) has quietly offered some top clients a tool that allows them to plug into its trading system and buy or sell large blocks of stock electronically.

The technology is part of a broader platform called Marquee, details of which not been previously reported, but were confirmed to Reuters by Goldman executives. It is the latest attempt by a Wall Street bank to automate block trading, a small sliver of the equities business that is still handled mostly by humans rather than specialized computer programs.

Jun 13, 2013

Exclusive: Goldman offers top clients automated block trading

NEW YORK (Reuters) – Goldman Sachs Group Inc (GS.N: Quote, Profile, Research, Stock Buzz) has quietly offered some top clients a tool that allows them to plug into its trading system and buy or sell large blocks of stock electronically.

The technology is part of a broader platform called Marquee, details of which not been previously reported, but were confirmed to Reuters by Goldman executives. It is the latest attempt by a Wall Street bank to automate block trading, a small sliver of the equities business that is still handled mostly by humans rather than specialized computer programs.

May 23, 2013

Goldman unveils checks on conflicts in bid to fix image

SALT LAKE City, May 23 (Reuters) – After dozens of meetings
with executives and regulators, 100,000 hours of employee
training and an immeasurable amount of public grief, Goldman
Sachs Group Inc CEO Lloyd Blankfein claimed success in
putting his bank and his legacy back on track.

At Goldman’s annual meeting on Thursday, Blankfein unveiled
details of a three-year review and overhaul of the bank’s
practices in dealing with clients, following high-profile
missteps that tarnished its reputation in the aftermath of the
financial crisis. The overhaul imposes a system of checks to
ensure that the bank is fair to clients and avoids conflicts,
such as being on different sides of the same trade.

May 23, 2013

Battle-scarred Goldman CEO unveils safeguards to avoid mistakes

SALT LAKE City, May 23 (Reuters) – After dozens of meetings
with executives and regulators, 100,000 hours of employee
training and an immeasurable amount of public grief, Goldman
Sachs CEO Lloyd Blankfein is claiming a victory in getting his
bank, and his legacy, back on track.

At Goldman Sachs Group Inc’s annual meeting on
Thursday, Blankfein announced the culmination of a three-year
review and overhaul of the bank’s practices following
high-profile missteps that tarnished its reputation in the
aftermath of the financial crisis.

May 15, 2013
via Unstructured Finance

NJ Governor Chris Christie spotted outside Goldman Sachs

New Jersey Governor Chris Christie shakes hands with Lloyd Blankfein lookalike outside Goldman Sachs on Wednesday

Editor’s note: Updated with reason for Christie’s visit.

These days it seems New Jersey Governor Chris Christie is everywhere, from TV talk shows and radio appearances to accompanying Prince Harry on a well-publicized tour of the devastated Jersey Shore. So maybe it’s not too surprising he was spotted outside of Goldman Sachs’s Lower Manhattan office Wednesday morning.

May 14, 2013

Morgan Stanley CEO defends bond-trading business strategy

, 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
than obscurity.

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.