Morgan Stanley fined for traders’ WhatsApp messages in sign of things to come for banks August 23, 2023 The use of WhatsApp messages across the City has brought its first fine
Morgan Stanley profits fall on dealmaking slump while rising rates lift Bank of America July 18, 2023 The continued lull in dealmaking hit Morgan Stanley’s profit despite a strong performance from its wealth management arm, while rising rates lifted Bank of America. Income at Morgan Stanley, which specialises in investment banking, slipped to $2.2bn in the second quarter, down from $2.5bn the year before but in line with analyst expectations. This fall [...]
Investment banking slowdown set to hit Goldman Sachs and Morgan Stanley results this week July 17, 2023 Goldman Sachs and Morgan Stanley will likely report another slowdown in profit on Wednesday and Tuesday respectively amid a continued slump in global dealmaking. Analysts at JP Morgan reduced their earnings per share estimates for Goldman Sachs and Morgan Stanley on “lower IB revenues…with limited cost offset”. The analysts cut Goldman Sachs’s EPS for the [...]
Former Pru CEO and board veteran Jonathan Bloomer to become chair of Hiscox May 30, 2023 Jonathan Bloomer, the current chair of Morgan Stanley International and law firm DWF, will add the top boardroom chair at Hiscox to his portfolio next month. Hiscox, the Bermuda-headquartered insurance giant, announced Bloomer’s appointment as chair designate this morning. He will replace Robert Childs, who will retire over the summer. Bloomer was a partner at [...]
Morgan Stanley to cut another 3,000 jobs as banking layoffs continue May 2, 2023 Morgan Stanley is reportedly set to cut thousands of jobs before the midway point of the year, as the largest round of banking layoffs since the financial crisis looks set to continue. The bank is looking to lay off 3,000 staff, Bloomberg reported, representing about five per cent of the bank’s staff. They are expected [...]
CBI exodus: Which firms have quit or suspended their relationship with the lobby group? April 21, 2023 A slew of top firms have quit or suspended engagement with the CBI today after the lobby group was rocked by new allegations of sexual abuse.
Morgan Stanley boss talks down banking crisis as deal-making slump hits profits April 19, 2023 Morgan Stanley’s chief executive James Gorman told analysts “we are not in a banking crisis” as he discussed the bank’s first quarter earnings. Gorman dismissed concerns that the US banking sector could face a widespread banking crisis, saying conditions were very different to 2008 and that the largest US banks were now part of the [...]
Crisis, what crisis? Interest income boosts US banks as boon expected to continue April 16, 2023 The largest US banks appear in rude health despite concerns about the wider financial sector as higher interest rates continue to boost lenders. JP Morgan, Citi and Wells Fargo all beat expectations when they released results for the first quarter on Friday. In response, analysts at UBS wrote “crisis, what crisis? The banking industry flexes [...]
Deposits in focus as US banks line up to report amid banking volatility April 12, 2023 The largest banks on Wall Street will start reporting their first quarter earnings later this week with investors set to pay very close attention to banks’ deposits. So far this year, huge amounts of money have flowed into higher-yielding money market funds from bank deposits. This picked up in March after the collapse of Silicon [...]
Experts question whether Morgan Stanley’s $1m Whatsapp spot fines will work January 26, 2023 Morgan Stanley has hit some of its bankers with heavy fines for conducting official business on Whatsapp, the Financial Times reported today. But experts have questioned whether dishing out penalties to the bank’s staff really solves the problem of keeping bank’s internal communications in line with financial regulators’ expectations. Depending on the seriousness of the [...]