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Mar 2, 2015

Morgan Stanley in settlement talks with NY attorney general-source

NEW YORK, March 2 (Reuters) – Morgan Stanley is in
discussions with New York’s attorney general to settle
accusations that the Wall Street bank mishandled subprime
mortgage deals before the 2008 financial crisis, a person
familiar with the matter said on Monday.

Any settlement would be separate from a $2.6 billion
agreement Morgan Stanley reached last month with the U.S.
Department of Justice and the U.S. Attorney’s Office for the
Northern District of California, said the person, who was not
authorized to speak publicly about the matter.

Mar 2, 2015

Morgan Stanley says New York Attorney General may file lawsuit

NEW YORK (Reuters) – Morgan Stanley said on Monday that the
New York Attorney General’s office indicated it would file a
lawsuit accusing the Wall Street bank of misrepresenting or
omitting material information in about 30 subprime
securitizations.

The accusations pertain to Morgan Stanley’s due diligence,
underwriting and valuation of loans in the securitizations, as
well as the properties securing them, Morgan Stanley said. The
attorney general indicated the potential lawsuit would be
brought under the Martin Act, the bank added.

Feb 26, 2015

Newsmaker: RBS turns to an architect of “light touch” regulation

LONDON/NEW YORK (Reuters) – The man synonymous with the “light-touch” regulation which allowed Royal Bank of Scotland (RBS.L: Quote, Profile, Research) to spiral out of control before its 45.5 billion pound ($71 billion) government rescue looks set to guide it back to private hands.

Howard Davies, who set up the discredited and now defunct Financial Services Authority (FSA), has been handed the job of chairing RBS through a critical period in which it is restructuring and cleaning up issues of past misconduct ahead of a possible sale of the government’s shares.

Feb 26, 2015

RBS turns to an architect of ‘light touch’ regulation

LONDON/NEW YORK (Reuters) – The man synonymous with the “light-touch” regulation which allowed Royal Bank of Scotland to spiral out of control before its 45.5 billion pound ($71 billion) government rescue looks set to guide it back to private hands.

Howard Davies, who set up the discredited and now defunct Financial Services Authority (FSA), has been handed the job of chairing RBS through a critical period in which it is restructuring and cleaning up issues of past misconduct ahead of a possible sale of the government’s shares.

Feb 24, 2015

U.S. startup Airex offers investors à la carte financial data

NEW YORK (Reuters) – A U.S. startup called Airex Inc is launching an online marketplace for investors to buy data and research à la carte from providers including Deutsche Bank, FactSet, Morningstar, Mercer, Nasdaq and S&P Capital IQ, company officials told Reuters.

Its Airex Market website is targeting small investors who do not have a budget for subscriptions to Bloomberg LP, Thomson Reuters Corp (TRI.TO: Quote, Profile, Research, Stock Buzz) and other major data providers, said Chief Executive Stephen Kuhn.

Feb 20, 2015

Citigroup consumer banking head Medina-Mora to retire

By David Henry and Lauren Tara LaCapra

(Reuters) – Manuel Medina-Mora, who helped build Citigroup Inc’s Mexico business only to see it run into trouble after he stopped running it day-to-day, will retire in June, the bank said on Friday.

Medina-Mora, who heads global consumer banking at Citigroup, was expected to retire before his 65th birthday in August, people familiar with the matter said.

Feb 10, 2015

Goldman CEO says bank is more diverse than it looks

NEW YORK, Feb 10 (Reuters) – Goldman Sachs Group Inc
is trying to convince investors its business model is more
diverse than meets the eye.

On Tuesday morning, Chief Executive Officer Lloyd Blankfein
made a presentation that sought to paint Goldman as a bank that
earns steadier profits than peers through sundry business lines.

Feb 10, 2015

Goldman: Jack of all trades, not master of one -CEO

NEW YORK, Feb 10 (Reuters) – Goldman Sachs Group Inc
is trying to convince investors that its business model is more
eclectic than meets the eye.

On Tuesday morning, Goldman Chief Executive Lloyd Blankfein
plans to give a presentation that paints his bank as one that
earns steadier profits than peers, and delivers them through
sundry business lines.

Jan 27, 2015

Wall Street back to ‘business as usual’ as storm wanes

NEW YORK (Reuters) – Wall Street was largely back to business as usual on Tuesday after a storm that had threatened to blanket New York with a few feet of snow ended up dumping several inches instead.

Major U.S. stock and bond markets were open, with trading volumes higher than they had been the previous day, when ominous weather forecasts and transit shutdowns put a chill on business activity.

Jan 23, 2015

Morgan Stanley awards CEO $4.4 mln in restricted stock

Jan 23 (Reuters) – Morgan Stanley’s board of
directors awarded Chairman and Chief Executive James Gorman $4.4
million in restricted stock as part of his 2014 bonus, the Wall
Street bank said in a regulatory filing on Friday.

Morgan Stanley did not disclose other parts of Gorman’s
compensation package, which in the prior year also included cash
and deferred cash, in addition to his base salary.