Lauren's Feed
Oct 16, 2013

As companies plan for U.S. default, business may take a hit

NEW YORK (Reuters) – Delayed investments and purchases by companies and investors struggling to limit their exposure to financial harm from a possible U.S. debt default is contributing to a slowdown in business activity, executives said.

Investment firms and big Wall Street banks, including PIMCO, Fidelity Investments, Blackrock Inc (BLK.N: Quote, Profile, Research, Stock Buzz), Citigroup Inc (C.N: Quote, Profile, Research, Stock Buzz) and JPMorgan Chase & Co (JPM.N: Quote, Profile, Research, Stock Buzz), said they had sold Treasury bonds that expire in the coming weeks, either to protect clients’ investment portfolios or their own balance sheets against losses in the event of a U.S. default.

Oct 16, 2013

For U.S. bond traders, the Grinch may steal bonuses

NEW YORK, Oct 15 (Reuters) – With anemic bond trading
revenue over the past few months hurting Wall Street profits,
pay cuts and even layoffs are back on the table just when the
future had started looking up for traders.

Overall, bonuses on fixed-income, currency, and commodity
trading desks will likely be down 10 percent to 15 percent, said
Alan Johnson, head of the Wall Street compensation consulting
firm Johnson Associates. It could be the third or fourth year in
a row in which some Wall Street bond traders get $0 bonus
checks, he added.

Oct 10, 2013

Former examiner sues NY Fed for alleged Goldman Sachs-related firing

NEW YORK, Oct 10 (Reuters) – A former senior bank examiner
at the Federal Reserve Bank of New York filed a wrongful
termination lawsuit on Thursday, saying she was fired after
refusing to alter a critical examination of Goldman Sachs Group
Inc.

The former employee, Carmen Segarra, said that in her seven
months of examining Goldman’s legal and compliance divisions,
she found the bank did not have policies to prevent conflicts of
interest as required by regulation, a conclusion that might have
caused a downgrade of the Wall Street bank’s regulatory rating.

Sep 30, 2013

Wall Street banks likely stung again by bad bond-trading quarter

NEW YORK (Reuters) – Wall Street banks have had another rough quarter in bond trading thanks to the U.S. Federal Reserve, and it might get worse before it gets better.

Analysts have begun cutting third-quarter profit estimates for banks including Goldman Sachs Group Inc (GS.N: Quote, Profile, Research, Stock Buzz) and Morgan Stanley (MS.N: Quote, Profile, Research, Stock Buzz), citing an industry-wide fixed-income trading revenue decline of 20 to 30 percent compared with a year ago. The quarter’s lull has made at least some Wall Street professionals nervous that a fresh round of job cuts may be coming, a trader said.

Sep 24, 2013

Regulators haven’t solved ‘too big to fail’: Morgan Stanley executive

By Lauren Tara LaCapra

(Reuters) – The problem of some banks being “too big to fail” remains because global regulators have not come up with a coordinated way to wind them down without causing market-wide disruptions, a senior Morgan Stanley executive said on Tuesday.

Colm Kelleher, head of Morgan Stanley’s institutional securities business, said that while the system is safer now than it was at the peak of the financial crisis in 2008, competing regulatory agendas in Europe, the UK and the United States have hampered progress. Because global banks are large and interconnected – through short-term loans and derivatives contracts, for instance – one bank getting into trouble could still have wide-ranging effects, he said.

Sep 24, 2013

Regulators haven’t solved ‘too big to fail’ -Morgan Stanley exec

Sept 24 (Reuters) – The problem of some banks being “too big
to fail” remains because global regulators have not come up with
a coordinated way to wind them down without causing market-wide
disruptions, a senior Morgan Stanley executive said on
Tuesday.

Colm Kelleher, head of Morgan Stanley’s institutional
securities business, said that while the system is safer now
than it was at the peak of the financial crisis in 2008,
competing regulatory agendas in Europe, the UK and the United
States have hampered progress. Because global banks are large
and interconnected – through short-term loans and derivatives
contracts, for instance – one bank getting into trouble could
still have wide-ranging effects, he said.

Sep 17, 2013

Former Lehman President Gregory puts antiques on auction block

NEW YORK, Sept 17 (Reuters) – Former Lehman Brothers
President Joseph Gregory, who often commuted by helicopter to
work before his bank went bust, is auctioning off a collection
of centuries old furniture and artwork from his Long Island
mansion which sold in June.

Auction house Sotheby’s said on Tuesday that
“important English furniture from some of the most notable
cabinet makers, along with European porcelain and decorations”
would be auctioned next month in a sale devoted to the
collection of Gregory and his wife, Niki.

Sep 16, 2013

U.S. banks say they are safer by their own measures

NEW YORK (Reuters) – The biggest U.S. banks, including JPMorgan Chase & Co (JPM.N: Quote, Profile, Research, Stock Buzz) and Bank of America Corp, (BAC.N: Quote, Profile, Research, Stock Buzz) said that by their own reckoning they are better equipped to withstand global downturns now than they were in March.

The results may have been helped by the banks having built capital levels in recent months as the economy showed some signs of improvement and they earned more money.

Sep 16, 2013

Goldman names Chavez as CIO, when Scopellite retires

NEW YORK (Reuters) – Goldman Sachs Group Inc (GS.N: Quote, Profile, Research) has named R. Martin Chavez to become chief information officer when Steven Scopellite, a 28-year veteran of the bank’s technology group, retires at year-end, according to internal memos on Monday.

Chavez is now co-chief operating officer of Goldman’s equities business. He is known for his technological and analytical skills, having overseen the creation in the 1990s of an internal software platform that is now called Marquee, but was first called “Marty.”

Sep 16, 2013

Exclusive – Goldman names Chavez as CIO, when Scopellite retires

NEW YORK (Reuters) – Goldman Sachs Group Inc (GS.N: Quote, Profile, Research) has named R. Martin Chavez to become chief information officer when Steven Scopellite, a 28-year veteran of the bank’s technology group, retires at year-end, according to internal memos on Monday.

Chavez is now co-chief operating officer of Goldman’s equities business. He is known for his technological and analytical skills, having overseen the creation in the 1990s of an internal software platform that is now called Marquee, but was first called “Marty.