Morgan Stanley could be the first of many big banks to tap their more staid businesses for the next generation of leaders, but that might not be enough to contain the culture of risk-taking that creates financial meltdowns.
China's Economy Surprises; Gov't Can Cut Back Finance Support; New Leadership at Morgan Stanley
Morgan Stanley Chief Executive John Mack is stepping down and will be replaced by retail brokerage head James Gorman, signaling the storied bank is embracing stable businesses after losing big on risky ones.
Shares of Skyworks Solutions Inc rose as much as 12 percent on Thursday, a day after the cell phone chipmaker raised its fourth-quarter outlook citing improvement in demand, prompting at least two brokers to raise their price targets on the stock.
Daiwa Securities Group said it would pay about $2.2 billion to buy out Sumitomo Mitsui Financial Group from their investment banking joint venture, leaving Daiwa vulnerable amid intensifying competition for deals in Japan.
Six companies are scheduled to price and begin trading the week of Sept. 21, which could become the busiest for U.S. initial public offerings since December 2007.
Lawyers in a $586 million settlement of IPO litigation stemming from the demise of the Internet stocks bubble want to be paid $245 million, nearly three times the average for such large settlements, according to court papers filed on Tuesday.
U.S.-based financial services firm Morgan Stanley, wants to exit its back-office operations in India, the Economic Times newspaper reported on Monday.
Asia's initial public offering market is booming as economies inch out of recession and equity markets improve, setting the scene for the region to emerge as the world's top spot for firms rushing to raise money.
Investors jumped back into equities on Monday, sending world stocks close to their highest level for the year, while the dollar weakened against a basket of currencies as demand for risky assets rose across the board.
Investors jumped back into equities on Monday, sending world stocks close to their highest level for the year, while the dollar weakened against a basket of currencies as demand for risky assets rose across the board.
Daiwa Securities Group could pay around $2 billion to exit an investment banking joint venture with Sumitomo Mitsui Financial Group, sources said, triggering a further shake-up of Japan's banking industry.
A U.S. federal judge ruled that Morgan Stanley and two credit rating agencies must defend fraud charges in a class-action lawsuit accusing them of masking the risks of an investment linked to subprime mortgages, and which eventually collapsed.
As shares of bailed-out banks bottomed out earlier this year, stock options were awarded to their top executives, setting them up for millions of dollars in profit as prices rebounded, according to a report released on Wednesday.
NEW YORK - Strong economic data on the manufacturing sector helped boost U.S. industrial shares in early trading on Tuesday, amid optimism the sector's earnings bottomed out in the second quarter and are set to improve.
Morgan Stanley (MS.N), Looking to fortify its equity trading business in Europe, has hired Richard Evans, a former top trader with Citigroup Inc (C.N), as head of strategy in the region, the Wall Street Journal said on Thursday.
Morgan Stanley is planning to hire as many as 400 traders and salespeople, a hiring spree that comes as the firm tries to dig its way out of three straight quarters of losses.
Banks are lowering bonuses to defuse popular outrage, but by curtailing employee incentives, compensation experts say the banks and the U.S. government are failing to fix practices that led to the financial crisis.
Emdeon Inc shares started trading for $17.75 in their debut on Wednesday following their initial public offering, and rose to as much as $18.24.
Network security provider Fortinet Inc filed with U.S. regulators on Monday to raise up to $100 million in an initial public offering of common stock.
The number of U.S. workers submitting new claims for jobless benefits fell sharply last week, fanning hopes the fragile labor market was on the mend and that the broader economy was stabilizing.
The number of U.S. workers filing new claims for jobless benefits fell sharply last week, a government report showed on Thursday, boosting views the labor market and the economy were stabilizing.