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Jul 15, 2014

Goldman’s investment management business peeks out from trading’s shadow

NEW YORK (Reuters) – Late last year, Goldman Sachs reached an important milestone: its investment management business surpassed $1 trillion in client money under supervision.

But the achievement went largely unnoticed as shareholders focused on troubles in Goldman’s fixed-income trading business instead. Even inside the investment management division there was little fanfare.

Jul 15, 2014

Analysis-Goldman’s investment management business peeks out from trading’s shadow

NEW YORK (Reuters) – Late last year, Goldman Sachs reached an important milestone: its investment management business surpassed $1 trillion (0.58 trillion pound) in client money under supervision.

But the achievement went largely unnoticed as shareholders focussed on troubles in Goldman’s fixed-income trading business instead. Even inside the investment management division there was little fanfare.

Jul 15, 2014

Higher investment gains boost Goldman profit

By Anil D’Silva and Lauren Tara LaCapra

(Reuters) – Goldman Sachs Group Inc (GS.N: Quote, Profile, Research, Stock Buzz) reported a 5 percent rise in quarterly profit, spurred by higher revenue from investment banking and a smaller decline in fixed-income trading than many on Wall Street had predicted.

The bank’s stock rose about 2 percent to $169.86 before the bell on Tuesday.

Jul 7, 2014

Bank analyst Hintz to join NYU’s business school, write book

NEW YORK (Reuters) – Charles Bradley Hintz, who has analyzed financial stocks for more than a decade at Bernstein Research, said on Monday that he will be leaving Wall Street to teach business at New York University and write a book.

Hintz, who goes by Brad, will be joining NYU’s Stern School of Business as an adjunct professor this fall. He will also be writing what he called a “long-delayed” book titled “Changing Landscapes of the Capital Markets,” which he plans to publish in 2015.

Jul 7, 2014

U.S. bank analyst Hintz to join NYU’s business school, write book

NEW YORK, July 7 (Reuters) – Charles Bradley Hintz, who has
analyzed financial stocks for more than a decade at Bernstein
Research, said on Monday that he will be leaving Wall Street to
teach business at New York University and write a book.

Hintz, who goes by Brad, will be joining NYU’s Stern School
of Business as an adjunct professor this fall. He will also be
writing what he called a “long-delayed” book titled “Changing
Landscapes of the Capital Markets,” which he plans to publish in
2015.

Jul 6, 2014

When CEO has cancer, board must plan for more than succession

NEW YORK, July 6 (Reuters) – When Goldman Sachs’ then-senior
partner, Gus Levy, suffered a stroke in the middle of a client
meeting in 1976 and died shortly after, the bank’s management
didn’t know who would lead the firm. No one, it seemed, had
planned for succession.

What happened next is not entirely clear. As Roy Smith, a
former Goldman partner, tells the story, Levy had left a
note in the top drawer of his desk in the office. It said if
anything were to happen to him, the management committee should
name John Whitehead and John Weinberg as co-senior partners, and
so Goldman did that, Smith said.

Jul 3, 2014

Ex-Merrill CEO says he has ‘no knowledge’ of Google search wipe

NEW YORK, July 3 (Reuters) – E. Stanley O’Neal, the former
chief executive of Merrill Lynch, said on Thursday he has “no
knowledge” of an apparent effort to remove a BBC article
mentioning him from Google Inc search results in
Europe.

The previous day, BBC economics editor Robert Peston
suggested O’Neal may have asked the search engine to exclude a
2007 blog post that mentioned him from its results under a
European privacy rule.

Jul 1, 2014

Morgan Stanley eyes compensation cuts for financial advisers: sources

NEW YORK (Reuters) – Morgan Stanley (MS.N: Quote, Profile, Research, Stock Buzz) wants to pay out a smaller portion of wealth management revenue to the retail brokers who generate it, the final and perhaps most difficult front in Chief Executive James Gorman’s drive to reduce staff costs across the bank.

For now, executives are considering changes at the margins: cutting pay for brokers who generate the least revenue for Morgan Stanley Wealth Management, and slashing the money it sets aside to lure experienced new hires. Executives have been hashing out possibilities for the 2015 broker pay plan in recent weeks, but have not made any final decisions.

Jun 17, 2014

Morgan Stanley’s Fleming eyes fee-based account growth

New York (Reuters) – Morgan Stanley Wealth Management (MS.N: Quote, Profile, Research, Stock Buzz), which is poised to become the largest brokerage in the United States by assets, sees fee-based accounts making up 40 percent of all the money it invests for clients, its top executive said.

Gregory Fleming, who runs the bank’s brokerage arm as president of Morgan Stanley Wealth Management, said at the Reuters Global Wealth Management Summit so-called advisory assets are growing at a healthy pace and that they could make up as much as 40 percent of overall assets in the future.

Jun 16, 2014

Morgan Stanley hires Mitchell for tailored loans

NEW YORK (Reuters) – Morgan Stanley has hired a senior loan executive and his team from Deutsche Bank AG to cater to high net worth clients who want to buy or borrow against real estate, yachts, artwork and other luxury items.

The Wall Street bank has hired Marcus Mitchell to head its tailored lending team, said Gregory Fleming, president of wealth management and investment management, at the Reuters Global Wealth Management Summit on Monday.