Lauren's Feed
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.

Oct 29, 2012

Eerie calm settles on Wall Street as Hurricane Sandy sweeps in

By Lauren Tara LaCapra and David Henry and Jennifer Ablan

(Reuters) – Hurricane Sandy brought wind and rain to the streets of New York City on Monday, but on Wall Street, it also brought a day of eerie, almost unsettling calm.

With U.S. stock markets closed and bond markets closing early, traders had little to trade. Banks talked to executives about whether they should delay initial public offerings planned for this week, a decision complicated by the U.S. presidential elections next week.

Oct 25, 2012

Lazard sets $125 million cost-cutting program; profit falls

By Lauren Tara LaCapra

(Reuters) – Lazard Ltd (LAZ.N: Quote, Profile, Research, Stock Buzz) plans to cut $125 million in costs each year, mainly through staff reductions, the investment bank said on Thursday, as it works to meet an aggressive profit goal in a weak market for its financial advisory services.

Lazard announced the cost-cutting target – which represents 7.8 percent of its operating expenses last year – as it reported a sharp decline in third-quarter earnings. Its shares rose more than 4 percent.

Oct 24, 2012

Analysis: Citi board fight signals rise of the activist chairman

NEW YORK (Reuters) – In the summer of 2011, Yahoo Inc’s (YHOO.O: Quote, Profile, Research, Stock Buzz) board decided enough was enough. Directors had seen the Internet giant’s stock languish, and the answers they got from Carol Bartz, chief executive at the time, fell short of their expectations.

So, the board held a final meeting in Los Angeles, away from Yahoo’s Silicon Valley headquarters, to review the company’s progress, a source familiar with the matter said.

Oct 24, 2012

Citi board fight signals rise of the activist chairman

NEW YORK, Oct 24 (Reuters) – In the summer of 2011, Yahoo
Inc’s (YHOO.O: Quote, Profile, Research) board decided enough was enough. Directors had
seen the Internet giant’s stock languish, and the answers they
got from Carol Bartz, chief executive at the time, fell short of
their expectations.

So, the board held a final meeting in Los Angeles, away from
Yahoo’s Silicon Valley headquarters, to review the company’s
progress, a source familiar with the matter said.

Oct 22, 2012
via Unstructured Finance

Greg Smith says Goldman’s response confirms his criticisms: Q&A

Greg Smith, the ex-Goldman Sachs salesman who stunned the investment bank with a scathing public resignation in March, is now on the defense.

Smith, whose book, “Why I Left Goldman Sachs” hits bookstores today, has been facing the wrath of Goldman, media critics, and online commenters since last week, when bits and pieces of his book began to leak out and Goldman quickly jumped at the chance to characterize him as an undistinguished ex-employee with an ax to grind.