Nov 4 (Reuters) – Shares of Jefferies Group Inc
turned positive on Friday afternoon as the investment bank took
the unusual step of disclosing its specific positions in
European sovereign debt in an effort to fight what CEO Richard
Handler called “rumors, misinformation and misplaced
Jefferies shares were up 4.7 percent at $12.57 on Friday
afternoon after falling as much as 7.4 percent earlier in the
NEW YORK, Nov 2 (Reuters) – Workers at MF Global Holdings
Ltd have been racing to get hired before thousands of
other recently laid-off Wall Street peers.
But with a pile of resumes on hiring managers’ desks, the
odds of finding a job for many of MF’s 2,900 employees in the
near term are slim, according to recruiters and competitors who
have been interviewing them.
NEW YORK (Reuters) – Jefferies Group Inc decided not to buy MF Global Holdings Ltd because the company’s high leverage and its bets on European debt made it a risky gamble, Jefferies Chief Financial Officer Peregrine Broadbent said on Tuesday.
Jefferies’ shares tumbled as much as 14 percent as investors feared that the investment bank, another relatively small Wall Street player, could get burned by bad bets on Europe the same way MF Global did, analysts said.
Oct 24 (Reuters) – Morgan Stanley plans to sell its
mortgage-servicing business to Ocwen Financial Corp for
$59.3 million, closing out a money-losing strategy that stemmed
from the subprime housing bubble.
The deal, which was announced by the two companies on Monday,
also signals Ocwen’s strategy of expanding by buying troubled
servicing assets on the cheap from big banks that have stepped
back from the U.S. mortgage business in the aftermath of the
REUTERS (Reuters) – Morgan Stanley posted a surprisingly strong profit during a rough-and-tumble third quarter for Wall Street, helped by a large accounting gain and an increase in stock-trading revenue.
The bank’s earnings came mostly from an accounting oddity that allows companies to book gains when the value of their own debt declines.
Oct 19 (Reuters) – Morgan Stanley reported a
third-quarter profit and its trading and merger advisory
businesses performed better than competitors’.
The bank benefited from a $3.4 billion accounting gain, and
its underlying businesses looked strong enough for investors to
send its shares up 1.3 percent in premarket trading.
(Reuters) – Goldman Sachs Group Inc (GS.N: Quote, Profile, Research, Stock Buzz) posted its second quarterly loss as a public company on Tuesday as its investment portfolio lost billions of dollars in value.
Goldman is suffering as market turmoil and new regulations squeeze trading profits. The bank set aside 59 percent less money for compensation, in the latest sign of how weaker revenue is cutting into pay on Wall Street.
NEW YORK, Oct 18 (Reuters) – Goldman Sachs Group Inc’s bonuses are set to drop at least 20 percent this year
and experts warn plunging revenue could push pay for the year
Across Wall Street, pay is sinking as securities issuance
dries up and choppy markets cut into trading profits.
(Reuters) – Goldman Sachs Group Inc posted a wider-than-expected loss of $428 million for the third quarter, only its second quarterly loss as a public company, hurt by sharp declines in the value of investment securities and customer trading assets.
Chief Executive Lloyd Blankfein cited difficult market conditions and a lack of confidence among investors and corporate clients for the poor results.
NEW YORK (Reuters) – The tempestuous bond markets of the third quarter could result in surprising gains for U.S. banks, but investors are unlikely to be impressed.
JPMorgan Chase & Co (JPM.N: Quote, Profile, Research) said on Thursday that about one-fourth of its profit in the quarter resulted from an accounting oddity known as debt valuation adjustments, or DVAs. They are paper gains that occur when investors price more risk into a company’s bonds, leading to a reduction in liabilities.