Banking Reporter, New York
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Sep 3, 2010

Goldman shutting prop trading desk-report

NEW YORK, Sept 3 (Reuters) – Goldman Sachs Group Inc (GS.N: Quote, Profile, Research, Stock Buzz)
is closing its principal strategies desk as U.S. regulators try
to limit trading risk that major banks take with their money,
Bloomberg News reported on Friday.

The report, citing two people with knowledge of the
decision, said Goldman would delay announcing the move as 65 to
70 members of the unit sought new jobs. Some traders and
support staff could be reassigned within the firm, and a team
in Asia could look to start a new hedge fund, it said.

Aug 31, 2010
Aug 31, 2010

Goldman swims downstream for PetroAlgae IPO

NEW YORK (Reuters) – No client is too small for Goldman Sachs Group Inc (GS.N: Quote, Profile, Research, Stock Buzz) these days, even a company with no revenue that’s owned by a hedge fund specializing in penny stocks.

In a move that surprised some observers, Goldman earlier this month emerged as the co-lead manager on an initial public offering for PetroAlgae (PALG.OB: Quote, Profile, Research, Stock Buzz), a development-stage company that is trying to create oil from algae.

Aug 23, 2010

Morgan Stanley launches research on-the-go

WASHINGTON (Reuters) – Morgan Stanley (MS.N: Quote, Profile, Research, Stock Buzz) institutional clients can now view the firm’s research in the palm of their hands. Literally.

The New York investment bank became the first Wall Street firm to allow institutional clients access to its research offerings through an application on Apple Inc’s (AAPL.O: Quote, Profile, Research, Stock Buzz) iPad and iPhone, it said on Monday. The application also works on some iPods.

Aug 20, 2010

Morgan Stanley bolsters investment management unit

NEW YORK, Aug 20 (Reuters) – Morgan Stanley’s (MS.N: Quote, Profile, Research, Stock Buzz)
Gregory Fleming continues to overhaul the firm’s investment
management unit, adding a pair of senior hires.

Jack O’Connor will head Morgan Stanley Investment
Management’s institutional sales unit, and Paul Julius will be
the unit’s chief financial officer, spokeswoman Alyson Barnes
said on Friday.

Aug 12, 2010

Shorting Wall Street on the campaign trail

COLUMBUS, OHIO (Reuters) – As Lehman Brothers spiraled to its doom in the summer of 2008, John Kasich could not help but worry. After all, Kasich, a former Ohio Congressman turned investment banker, had a chunk of his personal wealth invested in the free-falling firm.

“I would make a few calls to friends of mine, like one guy in Chicago, and we would just sit there and say, ‘Is the stock going to go any lower?’” Kasich, 58, said during an interview at his gubernatorial campaign headquarters in Columbus, Ohio, the city where he ran a two-man investment banking office until after Lehman’s bankruptcy on Sept. 15, 2008. “I didn’t really fixate on it. You just kept doing your job and you saw crazy things happening.”

Aug 12, 2010
Aug 12, 2010

Special Report: Shorting Wall Street on the campaign trail

COLUMBUS, OHIO (Reuters) – As Lehman Brothers spiraled to its doom in the summer of 2008, John Kasich could not help but worry. After all, Kasich, a former Ohio Congressman turned investment banker, had a chunk of his personal wealth invested in the free-falling firm.

“I would make a few calls to friends of mine, like one guy in Chicago, and we would just sit there and say, ‘Is the stock going to go any lower?’” Kasich, 58, said during an interview at his gubernatorial campaign headquarters in Columbus, Ohio, the city where he ran a two-man investment banking office until after Lehman’s bankruptcy on September 15, 2008. “I didn’t really fixate on it. You just kept doing your job and you saw crazy things happening.”

Jul 30, 2010

Goldman employees still enamored with firm and CEO

NEW YORK (Reuters) – Goldman Sachs Group Inc (GS.N: Quote, Profile, Research, Stock Buzz) is the bank many Americans love to hate, but one group just plain loves it: its employees.

The firm’s employees are among the most fiercely loyal in the financial services industry, according to a survey by glassdoor.com, a career website. And Goldman Chief Executive Lloyd Blankfein had the highest approval rating of any CEO in the financial sector.

Jul 30, 2010

Wall St eyes breather from Washington’s regulation

NEW YORK (Reuters) – Fresh off the exhausting financial regulatory reform debate, Wall Street is looking for a break after the midterm elections in the form of a friendlier Washington.

Expected Republican gains at the congressional elections are likely to tone down some of the anti-Wall Street rhetoric coming from Democrats since President Barack Obama took office last year. Democrats used their majorities to push through reform but alienated banks in the process.

    • About Steve

      "Steve Eder, based in New York, covers investment banks for Reuters. He came to Reuters in May, 2009, after working as an investigative reporter for the Toledo Blade newspaper in Ohio. Eder has written about plant closings, the health insurance industry, poverty, and public corruption, helping to expose Ohio's 'Coingate' scandal. He also completed assignments to India and South Korea. Since joining Reuters, Eder has written about the aftermath of the financial crisis, Goldman Sachs and the debate over Wall Street bonuses."
      Joined Reuters:
      May, 2009
      Awards:
      Loeb Award, 2006
      Finalist, Pulitzer Prize for Public Service, 2006
      National Headliner Award, 2006
      Finalist, IRE Award, 2006 and 2008
      Best Ohio Reporter, Cleveland Press Club, 2009
      Finalist, Livingston Award, 2009 and 2010
      Reuters Company News Story of the Year, 2009
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