Lauren's Feed
Apr 26, 2013

Lazard profit falls 40 percent as bank closes fewer big deals

By Lauren Tara LaCapra and Tanya Agrawal

(Reuters) – Lazard Ltd (LAZ.N: Quote, Profile, Research, Stock Buzz) reported a 40 percent drop in first-quarter profit, missing analysts’ expectations, as the investment bank’s revenue suffered from a lack of big-ticket deals.

Lazard lost significant market share even in a tough first quarter across Wall Street, Thomson Reuters data show, as it advised on a large number of smaller deals that closed in that period.

Apr 25, 2013

Insurers, long squeezed by low rates, now brace for a rise

NEW YORK (Reuters) – Insurance companies are still very concerned about low interest rates pinching their investment profits. But for the first time in years, their second biggest concern is the risk of an unexpected spike in rates hurting investment portfolios instead.

More than half of the global insurance industry views low yields as the biggest near-term investment risk, followed by 32 percent citing rising rates, according to a survey released this week by Goldman Sachs Asset Management (GSAM), a unit of Goldman Sachs Group Inc (GS.N: Quote, Profile, Research, Stock Buzz).

Apr 22, 2013

New rules to wipe out $17 billion in bank trading revenue: report

NEW YORK (Reuters) – New regulations will wipe out $17 billion in trading revenue for global investment banks and force some to exit the bond trading business entirely, according to a Deutsche Bank report released on Monday.

New rules being implemented in Europe and the United States will push bond and derivatives trading onto exchanges as soon as this summer, which is expected to reduce the income banks make from trading with clients.

Apr 22, 2013

New rules to wipe out $17 bln in bank trading revenue-report

NEW YORK, April 22 (Reuters) – New regulations will wipe out
$17 billion in trading revenue for global investment banks and
force some to exit the bond trading business entirely, according
to a Deutsche Bank report released on Monday.

New rules being implemented in Europe and the United States
will push bond and derivatives trading onto exchanges as soon as
this summer, which is expected to reduce the income banks make
from trading with clients.

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.