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Nov 14, 2012

Goldman names smallest partner class since going public

Nov 14 (Reuters) – Goldman Sachs Group Inc named 70
new partners on Wednesday, the smallest number since the
investment bank went public in 1999.
Goldman’s partner naming, a relic from its past as a private
investment bank, occurs every two years and is a closely watched
event on Wall Street. The prior partner class announced in 2010
consisted of 110 people.
The list of new partners includes Russell Horwitz, who is
the company’s secretary and Chief Executive Lloyd Blankfein’s
chief of staff, and David Schwimmer, a natural resources banker
who is also a former chief of staff to Blankfein. Schwimmer
advised on the 2005 merger of the New York Stock Exchange and
Archipelago, and later ran Goldman’s business in Russia.
Also on the list are Kent Clark, an executive in the hedge
fund products group of Goldman’s asset management division, and
Huw Pill, Goldman’s chief European economist.
Goldman has been cutting staff since last year in an effort
to save $1.9 billion in annual expenses in a weak revenue
environment.
Goldman had 407 partners as of Nov. 2, down from 440 in
February, according to regulatory filings. Some of those
partners have announced plans to retire, but won’t leave until
year end.
Goldman projects that, including its new partners, the group
will represent about 1.7 percent of staff, consistent with prior
years. The investment bank’s payroll stood at 32,600 employees
at Sept. 30. It employed 35,700 at the end of 2010.
The geographic breakdown of new partners is 41, or 59
percent of the total, in the Americas; 20, or 29 percent, from
Europe, Middle East and Africa; and nine, or 13 percent, in
Asia-Pacific, a bank spokesman said.
Below is the full list of new partners:

Vivek Bantwal
Pat Fels
John Mallory
Michael Ronen
Heather Bellini
Pete Finn
Joseph S. Mauro
Jami Rubin
Brian Bolster
David Fishman
Charles M. McGarraugh
Yann Samuelides
Jill Borst
Sheara Fredman
Xavier C. Menguy
Joshua S. Schiffrin
Michael Brandmeyer
Jacques Gabillon
Amol Naik
David Schwimmer
Jason H. Brauth
Francesco Garzarelli
Jo Natauri
Gaurav Seth
Stuart Cash
Nick Giovanni
Una Neary
Michael Siegel
Alex Chi
Brad Gross
Gregory G. Olafson
Michael Smith
Kent Clark
Anthony Gutman
Lisa Opoku
Josh Struzziery III
Richard Cormack
Leland Hensch
Gerald Ouderkirk III
Damian Sutcliffe
Jack Daly
Russell W. Horwitz
Francesco Pascuzzi
Michael Swell
Anne Marie B. Darling
Roy Joseph
Anthony W. Pasquariello
Ryan Thall
David Dase
John Kim
Huw Pill
Bobby Vedral
Olaf Diaz-Pintado
Marie Louise Kirk
Dmitri Potishko
Simon Watson
Robert Drake-Brockman
Hugh Lawson
Sean Rice
Toby C. Watson
Alessandro Dusi
Scott Lebovitz
Francois J. Rigou
Yoshihiko Yano
Edward A. Emerson
Ericka Leslie
Scott M. Rofey
Antonio F. Esteves
Luca M. Lombardi
Jeroen Rombouts

Nov 12, 2012

Lloyd Blankfein on line 1! Goldman employees await news

By Lauren Tara LaCapra

(Reuters) – Goldman Sachs Group Inc (GS.N: Quote, Profile, Research, Stock Buzz) is due to name new partners on Wednesday, but the benefits of receiving the title are not what they used to be.

Goldman is the only major Wall Street bank to retain this relic from its private partnership days, when senior investment bankers owned the firm, contributing capital and taking home their share of profits.

Nov 6, 2012

Morgan Stanley should not boost bond trading-analyst

Nov 6 (Reuters) – Morgan Stanley is aiming to win
market share in bond trading, but it is not big enough to
compete against rivals like Goldman Sachs Group Inc, and
should instead focus on shrinking that business, JPMorgan
analyst Kian Abouhossein analyst said.

Even as Morgan Stanley tries to win market share, it has
announced plans to reduce the trading assets on its books by
$100 billion, adjusting for risk, mainly in fixed income. But
Morgan Stanley should scrap its market-share ambitions and pull
back further from the bond-trading business, cutting staff and
compensation to reduce costs, Abouhossein said.

Nov 6, 2012

Morgan Stanley should not boost bond-trading business: analyst

By Lauren Tara LaCapra

(Reuters) – Morgan Stanley (MS.N: Quote, Profile, Research, Stock Buzz) is aiming to win market share in bond trading, but it is not big enough to compete against rivals like Goldman Sachs Group Inc (GS.N: Quote, Profile, Research, Stock Buzz), and should instead focus on shrinking that business, JPMorgan analyst Kian Abouhossein analyst said.

Even as Morgan Stanley tries to win market share, it has announced plans to reduce the trading assets on its books by $100 billion, adjusting for risk, mainly in fixed income. But Morgan Stanley should scrap its market-share ambitions and pull back further from the bond-trading business, cutting staff and compensation to reduce costs, Abouhossein said in an interview with Reuters.

Nov 6, 2012

Romney’s hedge-fund backers plan to party on election night

BOSTON/NEW YORK (Reuters) – There is one group of voters Mitt Romney should win in a landslide in Tuesday’s U.S. presidential election: hedge fund managers.

Most of the best-known hedge fund managers threw their support and, more importantly, their dollars behind the Republican presidential hopeful long ago.

Nov 5, 2012

Goldman names insurance executive Tucker to board of directors

Nov 5 (Reuters) – Goldman Sachs Group Inc named
insurance executive Mark Edward Tucker as an independent
director on Mo nday, expanding its board to a dozen directors,
most of whom are independent.

The appointment of Tucker, 54, is the seventh change
announced to Goldman’s board this year as the investment bank
has sought to appease shareholders seeking corporate governance
reform.

Nov 5, 2012

Morgan Stanley makes Kelleher sole head of key bank unit

Nov 5 (Reuters) – Morgan Stanley’s co-president of
institutional securities, Paul Taubman, will retire at the end
of the year, the bank said on Monday, ceding full control of the
powerful investment banking and trading operation to his
co-president and rival, Colm Kelleher.

Chief Executive James Gorman has wanted to consolidate the
business under the leadership of one person for some time, a
source familiar with the matter said. Taubman decided to retire
after realizing that Gorman planned to choose Kelleher, said the
source, who was not authorized to speak about the matter
publicly.

Nov 1, 2012

AIG reports big investment gains, premium profits down

By Lauren Tara LaCapra

(Reuters) – American International Group Inc (AIG.N: Quote, Profile, Research, Stock Buzz) earned a larger-than-expected profit during the third quarter, due in part to big gains on its investment holdings.

Questions about the sustainability of those profits, and uncertainty about the timing and structure of the U.S. Treasury Department selling its remaining 16 percent stake in the insurance giant, contributed to a drop in AIG shares in after-hours trading, analysts said.

Oct 31, 2012

Banks report reopening local offices closed by storm

By David Henry and Lauren Tara LaCapra

(Reuters) – JPMorgan Chase & Co, (JPM.N: Quote, Profile, Research, Stock Buzz) Morgan Stanley (MS.N: Quote, Profile, Research, Stock Buzz) and Wells Fargo & Co (WFC.N: Quote, Profile, Research, Stock Buzz) said on Wednesday they have reopened more than half of the branches and brokerage offices that were closed as Hurricane Sandy battered the East Coast early this week.

At least 134 of the 183 Morgan Stanley brokerage offices that were closed had reopened by mid-morning, the company said. The offices that remained closed either lacked electricity or were inaccessible due to flooding or other damage. Most of the closed offices were in New Jersey and New York, with some in Connecticut.

Oct 31, 2012

U.S. banks report reopening local offices closed by storm

Oct 31 (Reuters) – JPMorgan Chase & Co, Morgan
Stanley and Wells Fargo & Co said on Wednesday
they have reopened more than half of the branches and brokerage
offices that were closed as Hurricane Sandy battered the U.S.
East Coast early this week.

At least 134 of the 183 Morgan Stanley brokerage offices
that were closed had reopened by mid-morning, the company said.
The offices that remained closed either lacked electricity or
were inaccessible due to flooding or other damage. Most of the
closed offices were in New Jersey and New York, with some in
Connecticut.