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Feb 11, 2014

Goldman Sachs adds five execs to management committee -memos

NEW YORK, Feb 11 (Reuters) – Goldman Sachs Group Inc
said in staff memos on Tuesday that it has added five executives
to its management committee, the latest in a series of
promotions and departures near the top of the Wall Street bank
over the past few years.

The new management-committee members are Paul Russo, Michael
Daffey, Justin Gmelich, Craig Broderick and Sarah Smith,
according to the memos, which were signed by Chief Executive
Lloyd Blankfein and Chief Operating Officer Gary Cohn. They were
confirmed by a spokesman.

Jan 30, 2014

Mitsubishi UFJ hunts to acquire U.S. bank or branch network

NEW YORK (Reuters) – Mitsubishi UFJ Financial Group Inc (8306.T: Quote, Profile, Research, Stock Buzz) is still on the hunt to acquire a bank or branch network to reach its goal of becoming one of the 10 largest U.S. banks by 2016, a senior bank official said on Wednesday.

“I am more than confident – 100 percent confident, we’re 1,000 percent confident that my colleagues here in the States will achieve that goal within a couple of years,” Masaaki Tanaka, deputy president of MUFG, told Reuters in an interview.

Jan 29, 2014

Exclusive: Mitsubishi UFJ, Morgan Stanley eye deal to serve hedge funds

NEW YORK (Reuters) – Morgan Stanley and Mitsubishi UFJ Financial Group Inc are considering forming a partnership to provide administrative services to hedge funds, a senior official of the Japanese lender said on Wednesday.

The two banks have been examining ways to collaborate in that area since MUFG purchased a fund-servicing business last year, Masaaki Tanaka, deputy president of MUFG, told Reuters in an interview.

Jan 29, 2014

Exclusive: Mitsubishi UFJ hunts to acquire U.S. bank or branch network

NEW YORK (Reuters) – Mitsubishi UFJ Financial Group Inc (8306.T: Quote, Profile, Research, Stock Buzz) is still on the hunt to acquire a bank or branch network to reach its goal of becoming one of the 10 largest U.S. banks by 2016, a senior bank official said on Wednesday.

“I am more than confident – 100 percent confident, we’re 1,000 percent confident that my colleagues here in the States will achieve that goal within a couple of years,” Masaaki Tanaka, deputy president of MUFG, told Reuters in an interview.

Jan 24, 2014

Morgan Stanley CEO Gorman gets $4.9 million stock award: filing

NEW YORK (Reuters) – Morgan Stanley (MS.N: Quote, Profile, Research, Stock Buzz) Chief Executive James Gorman received a $4.9 million stock bonus for his performance in 2013, up 86 percent from the year before, according to a regulatory filing, as the company’s income jumped.

The bonus of 155,207.47 shares is just one part of Gorman’s pay package. He also received a $1.5 million base salary, as well as long-term incentive rewards, an immediate cash bonus and a deferred cash bonus which have not yet been disclosed by the Wall Street bank.

Jan 18, 2014

Analysis: Morgan Stanley bets on smaller bond unit, defying skeptics

NEW YORK (Reuters) – In early 2011, Morgan Stanley Chief Executive James Gorman thought he had finally figured out how to rebuild the bank’s depleted bond trading business without taking too much risk.

He hired traders from rivals in areas where the bank was relatively weak, such as trading government debt, and exhorted his sales staff to gain new clients and win more trades from existing customers.

Jan 18, 2014

Morgan Stanley bets on smaller bond unit, defying skeptics

NEW YORK, Jan 18 (Reuters) – In early 2011, Morgan Stanley
Chief Executive James Gorman thought he had finally
figured out how to rebuild the bank’s depleted bond trading
business without taking too much risk.

He hired traders from rivals in areas where the bank was
relatively weak, such as trading government debt, and exhorted
his sales staff to gain new clients and win more trades from
existing customers.

Jan 17, 2014

Retail brokerage helps Morgan Stanley profit beats estimates

By Lauren Tara LaCapra and Tanya Agrawal

(Reuters) – Morgan Stanley (MS.N: Quote, Profile, Research) posted stronger-than-expected fourth-quarter results, as its retail brokerage and asset management businesses won more assets from clients and benefited from rising stock markets.

The bank’s retail brokerage business, which manages money for wealthy clients, reached the company’s target for profit margins, and Morgan Stanley raised that forecast for the coming years. The bank’s shares rose 4.2 percent to $33.33, their highest level since November 2009, when the bank was recovering from the financial crisis.

Jan 17, 2014

Morgan Stanley advances target to cut risky assets

By Lauren Tara LaCapra and Tanya Agrawal

(Reuters) – Morgan Stanley rolled forward its plan to reduce its risky assets as the Wall Street bank focuses on generating a higher return on equity, a measure where it lags its rivals.

The bank, which reported a sharp fall in quarterly profit on Friday due to large legal bills, delivered an adjusted return on equity of 6 percent in 2013, far short of the 11 percent generated by Goldman Sachs & Co.

Jan 17, 2014

Insight: Goldman’s low-cost Utah bet buoys its bottom-line

NEW YORK (Reuters) – Goldman Sachs Group Inc has been quietly moving thousands of jobs from pricey places like New York and London to cheaper cities like Salt Lake City in recent years, and executives said on Thursday those efforts are finally starting to show up in the bank’s results.

Goldman posted a profit of $2.25 billion in the fourth quarter on Thursday, as lower compensation costs helped blunt some of the impact of weaker bond trading revenue.