Megabank CEOs Warn New Regulations Could Harm the Economy
The heads of Wall Street’s biggest banks used an appearance on Capitol Hill on Wednesday to plead with senators to stop the Biden administration’s proposed changes to how banks are regulated.
Big Bank Profits Decline as Deal-Making, Mortgages Slow
Four big banks reported noticeable declines in their first-quarter profits Thursday, as the volatile markets and war in Ukraine caused deal-making to dry up while a slowdown in the housing market meant fewer people sought to get a new mortgage or refinance.
Bank Profits Soar, Helped By Merger Frenzy, Fewer Bad Loans
Four of the largest U.S. banks said their profits grew by double-digits last quarter, as a healthier U.S. economy has helped reduce the number of loans in default or that the bank won’t likely recoup.
Uber IPO Proposals Value Company at $120B
Ride-hailing company Uber Technologies Inc. could be valued at $120 billion, when it finally goes public next year according to proposals made by U.S. banks bidding to run the offering, the Wall Street Journal reported on Tuesday.
Morgan Stanley Profit Beats on Strength in Equity Trading, Underwriting
Morgan Stanley reported a better-than-expected quarterly profit on Tuesday, driven by higher revenue in its stock trading and equity underwriting businesses.
Race Bias Lawsuit Against Morgan Stanley Sent to Private Arbitration
A black former Morgan Stanley broker who filed a lawsuit accusing the bank of racial bias must pursue his claims in private arbitration, a federal judge ruled on Wednesday.
Bank of America Restricts Trading in Penny Stocks
Bank of America is placing trading restrictions on penny stocks as part of a policy change aimed at shielding clients from risky assets, the Wall Street bank said on Friday.
Goldman, JPMorgan, Four Others Must Face Stock Lending Antitrust Case
A U.S. judge on Thursday ordered Goldman Sachs Group Inc., JPMorgan Chase & Co. and four other large banks to face an antitrust lawsuit by investors who said they conspired to stifle competition in the nearly $2 trillion stock lending market.
Morgan Stanley Halts Research Coverage of Tesla, Shares Rise
Brokerage Morgan Stanley has suspended equity coverage on Tesla Inc., hinting that the U.S. bank may be doing business directly with the company as it explores options to go private, pushing the electric carmaker’s shares up as much as 5 percent on Tuesday.
Morgan Stanley Beats Estimates on Higher Trading Revenue
Morgan Stanley reported a better-than-expected quarterly profit on Wednesday, driven by higher revenues in equities and fixed income trading as well as investment banking.
Morgan Stanley Pays $3.6M Fine for Weak Investor Protection Rules
Morgan Stanley agreed to pay a $3.6 million fine on Friday after regulators found it failed to have systems in place to help it detect and prevent the misappropriation of client funds, the U.S. Securities and Exchange Commission said.
Ex-Morgan Stanley Adviser Sentenced to Prison for Fraud
A former Morgan Stanley adviser was sentenced to 20 months in prison on Thursday after he admitted that he misused client funds to invest in and support a wind farm project that a friend had decided to start.
Racial Bias Persists at Morgan Stanley, New Lawsuit Claims
Morgan Stanley has reneged on promises to stop discriminating against black employees, according to a lawsuit by a former broker who said he was fired after complaining about racial bias, including in pay and career opportunities.
Morgan Stanley to Take $1.25B Hit in Fourth-Quarter from Tax Bill
Morgan Stanley said on Friday it would take a $1.25 billion hit in its fourth-quarter earnings due to a cut in corporate tax rate as part of the U.S. tax code overhaul.
FINRA Orders Morgan Stanley To Pay $13M In Fines, Restitution
Financial Industry Regulatory Authority said on Monday it ordered Wall Street investment bank and securities brokerage Morgan Stanley to pay $13 million in fines and restitution to clients for inadequately supervising certain short-term trades.
Morgan Stanley Claims Rare Victory Over Rival Goldman Sachs
Morgan Stanley beat Wall Street’s profit expectations on Wednesday, reporting gains across most of its businesses and producing more trading revenue than rival Goldman Sachs Group Inc., a rare feat.
SEC Probes Bankers From Barclays, Morgan Stanley On Puerto Rico Bond Sales
The U.S. Securities and Exchange Commission may take action against bankers from Barclays Plc and Morgan Stanley for their roles in Puerto Rico bond sales, according to filings with the Financial Industry Regulatory Authority.
Morgan Stanley Aims To Digitize The Mortgage Process
Morgan Stanley is developing a new digital mortgage application tool in a bid to get more of its existing clients to turn to it for home loans, its wealth management technology head said in a statement on Tuesday.
Morgan Stanley Drops Vanguard Mutual Funds
Morgan Stanley, the largest U.S. brokerage by salesforce, said on Wednesday it is dropping mutual funds from Vanguard Group, the largest U.S. mutual fund firm.
Morgan Stanley CEO James Gorman’s 2016 Pay Up 7 Percent
Morgan Stanley CEO James Gorman’s overall pay rose 7 percent in 2016 as the Wall Street bank’s stock soared and it edged closer to hitting a key profitability target.
