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Aug 3, 2014

Exclusive: Goldman group set to buy message system as alternative to Bloomberg

NEW YORK (Reuters) – Wall Street firms led by Goldman Sachs Group Inc (GS.N: Quote, Profile, Research) are close to buying a stake in chat and instant messaging startup Perzo Inc in pursuit of an alternative to a similar application from Bloomberg LP, sources familiar with Goldman’s plans said.

Banks are trying to cut costs as sluggish trading volumes and higher regulation weigh on revenues. Bloomberg has dominated messaging on Wall Street for years, but its application is part of a data, trading and news terminal that costs about $20,000 a year. The Perzo applications are free.

Aug 3, 2014

Exclusive: Goldman group set to buy message system as alternative to Bloomberg – sources

NEW YORK (Reuters) – Wall Street firms led by Goldman Sachs Group Inc (GS.N: Quote, Profile, Research, Stock Buzz) are close to buying a stake in chat and instant messaging startup Perzo Inc in pursuit of an alternative to a similar application from Bloomberg LP, sources familiar with Goldman’s plans said.

Banks are trying to cut costs as sluggish trading volumes and higher regulation weigh on revenues. Bloomberg has dominated messaging on Wall Street for years, but its application is part of a data, trading and news terminal that costs about $20,000 a year. The Perzo applications are free.

Aug 3, 2014

Goldman group set to buy message system as alternative to Bloomberg-sources

NEW YORK, Aug 3 (Reuters) – Wall Street firms led by Goldman
Sachs Group Inc are close to buying a stake in chat and
instant messaging startup Perzo Inc in pursuit of an alternative
to a similar application from Bloomberg LP, sources familiar
with Goldman’s plans said.

Banks are trying to cut costs as sluggish trading volumes
and higher regulation weigh on revenues. Bloomberg has dominated
messaging on Wall Street for years, but its application is part
of a data, trading and news terminal that costs about $20,000 a
year. The Perzo applications are free.

Jul 29, 2014

Goldman moves executive to new role building ETFs

NEW YORK (Reuters) – Goldman Sachs Group Inc has moved an executive from its trading division to its investment-management division to launch a business that will sponsor exchange-traded funds and sell them to retail clients through third parties, according to a memo and people familiar with the matter.

Michael Crinieri, who previously headed Goldman’s global ETF business in equities trading, is now global head of ETF strategy in Goldman Sachs Asset Management’s third-party distribution business, according to the memo, whose contents were confirmed by a spokeswoman.

Jul 28, 2014

Exclusive: Goldman moves executive to new role building ETFs

NEW YORK (Reuters) – Goldman Sachs Group Inc (GS.N: Quote, Profile, Research, Stock Buzz) has moved an executive from its trading division to its investment-management division to launch a business that will sponsor exchange-traded funds and sell them to retail clients through third parties, according to a memo and people familiar with the matter.

Michael Crinieri, who previously headed Goldman’s global ETF business in equities trading, is now global head of ETF strategy in Goldman Sachs Asset Management’s third-party distribution business, according to the memo, whose contents were confirmed by a spokeswoman.

Jul 26, 2014

Goldman mortgage deal with federal agency could reach $1.25 bln – source

NEW YORK, July 26 (Reuters) – A deal to resolve a U.S.
regulator’s claims against Goldman Sachs Group Inc over
mortgage-backed securities sold to Fannie Mae and
Freddie Mac leading up to the financial crisis could
cost the bank between $800 million and $1.25 billion, according
to a person familiar with the matter.

The person said Goldman Sachs is discussing a settlement
with the Federal Housing Finance Agency (FHFA), which filed 18
lawsuits against Goldman and other banks in 2011 over about $200
billion in mortgage-backed securities that later went sour.

Jul 18, 2014

Morgan Stanley rebuilds in commodities trading

NEW YORK (Reuters) – After more than a year of scaling back in commodities, Morgan Stanley (MS.N: Quote, Profile, Research) is ready to expand.

The Wall Street bank plans to hire about a dozen traders, sales staff and other professionals in the United States. It’s building up commodities trading and financing businesses that can profit despite tougher regulations, people familiar with the matter told Reuters.

Jul 18, 2014

Exclusive: Morgan Stanley rebuilds in commodities trading

NEW YORK (Reuters) – After more than a year of scaling back in commodities, Morgan Stanley (MS.N: Quote, Profile, Research, Stock Buzz) is ready to expand.

The Wall Street bank plans to hire about a dozen traders, sales staff and other professionals in the United States. It’s building up commodities trading and financing businesses that can profit despite tougher regulations, people familiar with the matter told Reuters.

Jul 17, 2014

Morgan Stanley profit more than doubles, beating estimates

July 17 (Reuters) – Wall Street bank Morgan Stanley’s
quarterly earnings more than doubled, beating market estimates,
as stronger performances by its investment banking and wealth
management businesses more than made up for a fall in revenue
from bond trading.

Net income attributable to common shareholders rose to $1.86
billion, or 94 cents per share, in the second quarter from $803
million, or 41 cents per share, a year earlier.

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.