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Jan 16, 2015

Goldman Sachs touts commodities muscle as rivals shrink

NEW YORK, Jan 16 (Reuters) – Goldman Sachs Group Inc
stuck with commodities trading while rivals have pulled back,
and on Friday the bank felt vindicated.

While Goldman does not disclose revenue for commodities
trading specifically, Chief Financial Officer Harvey Schwartz
highlighted it as a bright spot in the bank’s broader
fixed-income trading business, which had a rough quarter.

Jan 16, 2015

Goldman Sachs profit hit by weak fixed-income trading

By Anil D’Silva and Lauren Tara LaCapra

(Reuters) – Goldman Sachs Group Inc reported a 7 percent drop in fourth-quarter profit as sharp market moves in December hit its bond-trading business.

Fixed-income trading, long a strength for the bank, came under pressure last year due to stricter capital rules in the aftermath of the financial crisis and relatively calm markets that discouraged clients from trading.

Jan 16, 2015

Goldman hit by weak fixed-income, investment banking revenue

Jan 16 (Reuters) – Goldman Sachs Group Inc reported a
7 percent drop in quarterly profit as investment banking revenue
slid and an unexpected bout of market volatility in December hit
revenue in its business that trades bonds, currencies and
commodities.

Goldman’s net income fell to $2.17 billion, or $4.38 per
share, in the fourth quarter from $2.33 billion, or 4.60 per
share, a year earlier.

Jan 15, 2015

Morgan Stanley execs visit brokerages to reassure after data theft

NEW YORK, Jan 15 (Reuters) – The leadership team of Morgan
Stanley’s wealth management business has been visiting
brokerage offices around the country since last week to reassure
advisers and clients in the wake of an alleged data theft by a
former employee, people familiar with the matter told Reuters.

Executives including Gregory Fleming, president of the
division; Chris Randazzo, chief information officer; and Shelley
O’Connor, who oversees the brokerage force, have been fielding
calls from concerned advisers since Morgan Stanley announced the
data theft on Jan. 5.

Jan 14, 2015

Morgan Stanley names new commodity chiefs in surprise switch

NEW YORK, Jan 14 (Reuters) – Morgan Stanley appointed
two new executives on Wednesday to run one of Wall Street’s last
big commodity trading operations following the unexpected
departure of the previous co-heads.

Nancy King and Peter Sherk, insiders who have worked in the
bank’s commodities group for more than a decade, have taken on
day-to-day responsibility for the business, effective
immediately, according to a memo sent by Colm Kelleher,
president of institutional securities.

Jan 14, 2015

Morgan Stanley appoints new global commodities leaders

NEW YORK, Jan 14 (Reuters) – Morgan Stanley appointed
two new executives to run its commodities business on Wednesday
as the previous co-heads left their roles.

Nancy King and Peter Sherk have taken on day-to-day
responsibility for the business, effective immediately, Colm
Kelleher, president of institutional securities, said in a memo
to the institutional securities division.

Jan 14, 2015

Exclusive – Goldman writedown of Portugal loan hurts profit, bonuses

NEW YORK (Reuters) – Goldman Sachs Group Inc (GS.N: Quote, Profile, Research) had to write down its loan to the troubled Portuguese bank Banco Espirito Santo SA (BES.LS: Quote, Profile, Research) in the fourth quarter, cutting the bank’s profit and some employees’ bonuses, people familiar with the matter told Reuters.

The writedown came late in the quarter after a Dec. 22 decision by Portugal’s central bank that effectively wiped out certain Banco Espirito Santo creditors.

Jan 14, 2015

Goldman writedown of Portugal loan hurts profit, bonuses

NEW YORK, Jan 14 (Reuters) – Goldman Sachs Group Inc
had to write down its loan to the troubled Portuguese bank Banco
Espirito Santo SA in the fourth quarter, cutting the
bank’s profit and some employees’ bonuses, people familiar with
the matter told Reuters.

The writedown came late in the quarter after a Dec. 22
decision by Portugal’s central bank that effectively wiped out
certain Banco Espirito Santo creditors.

Jan 8, 2015

Morgan Stanley raises $1 billion for second credit fund

NEW YORK (Reuters) – Morgan Stanley said it has raised about $1 billion for a new credit fund, the latest in a series of private equity-type vehicles it is raising despite a new regulation that limits the bank’s own participation in such funds.

The new fund, called Morgan Stanley Credit Partners II LP, is the second of its kind housed in the Wall Street bank’s merchant banking and real estate business. The first fund, which closed in 2011, was the same size.

Jan 5, 2015

Morgan Stanley says wealth management employee stole client data

By Lauren Tara LaCapra

(Reuters) – Morgan Stanley has fired an employee for allegedly stealing account information from as many as 350,000 of its wealth management clients and posting some of it on the Internet, the bank said in a statement on Monday.

The bank discovered the theft and disclosure of some of the client data on a website on Dec. 27 as part of a routine Internet sweep and quickly got the information taken down, a person familiar with the matter said.