INVESTMENT

Morgan Stanley Chairman and Chief Executive John Mack has tapped co-President Zoe Cruz, a long-time lieutenant who oversees trading and banking, as the leading candidate to succeed him, a person familiar with the situation said on Friday.

Wachovia Corp said on Friday it suffered a $1.1 billion loss on subprime mortgage-related debt in October, while Capital One Financial Corp said more customers are having trouble paying their bills as the U.S. credit crisis deepened.

Wachovia Corp, the fourth-largest U.S. bank, said on Friday that it had incurred about $1.1 billion of further losses in October from credit market turmoil.

British bank Barclays Plc categorically denied rumors it was about to announce a $10 billion writedown and see its top management quit, after the market talk sent its shares tumbling over 9 percent. There is absolutely no substance to those rumors, a spokesman for Britain's third biggest bank said when asked about a possible $10 billion writedown.

HSBC Holdings, Plc, the largest european bank, said Thursday that it was stopping all sales and trades of mortgage-backed securities as a result of closing its U.S. mortgage desk, according to reports.

Wall Street banks are in for about $64 billion in total write-downs related to collateralized debt obligations, as banks have likely not reported the full extent of their losses, according to Citigroup research.

BNP Paribas, France's biggest listed bank, reported a 21 percent rise in third-quarter net profit, in sharp contrast to the slump in earnings of many major banks following the global credit crisis.

Morgan Stanley on Wednesday said it has suffered a $3.7 billion loss stemming from its U.S. subprime mortgage exposure, which it expects will reduce fourth-quarter earnings by about $2.5 billion. The Wall Street investment bank said the loss occurred in September and October, and might change before its fiscal quarter ends this month.

Misleading information which allegedly resulted from technical problems was published on Wednesday causing confusion in trading on the London Stock market.

It's not just for lonely hearts anymore. Speed-dating a way for busy singles to meet was on the event list at a distinctly unromantic venue, the Information Management Network's ABS East conference, in a bid to bring together investors and issuers still reeling from this year's U.S. subprime mortgage meltdown.

Nasdaq Stock Market Inc on Wednesday confirmed it would acquire the Philadelphia Stock Exchange for $652 million, a move that will let the No. 2 U.S. stock exchange expand its presence in the fast-growing equity options business.

Washington Mutual Inc, the largest U.S. savings and loan, said on Wednesday the U.S. housing slump will persist through 2008, causing loan losses to mount and mortgage lending to fall to an eight-year low.

Nasdaq Stock Market Inc said on Wednesday it would acquire the Philadelphia Stock Exchange for $652 million, a move that will let the No. 2 U.S. stock exchange expand its presence in the fast-growing options business.

Citigroup Inc and Merrill Lynch & Co Inc, both seeking new chief executives after taking billions of dollars in write-downs, are considering the same five candidates for their top jobs, CNBC television reported on Wednesday.

BNP Paribas SA reported a 21 percent jump in its third quarter profit, beating estimates.

Two analysts expect Morgan Stanley will take a fourth quarter write-down of between $3 billion and $6 billion related to asset-backed securities and collateralized debt obligations.

Nasdaq Stock Market, Inc. is close to purchasing the Philadelphia Stock Exchange for about $650 million as it makes a bid to enter the U.S. derivatives trading business, according to reports.

Nasdaq Stock Market Inc has agreed to buy the Philadelphia Stock Exchange, which operates the third-largest U.S. equity options market, for about $650 million, two people familiar with the matter said on Tuesday.

Stocks rose on Tuesday as oil prices topped $97 a barrel and lifted shares of Exxon Mobil Corp and other energy producers, while optimism a day ahead of Cisco Systems Inc earnings drove another rally in technology shares. Investors hunted for bargains among beaten-down bank and financial services shares after the previous session's sell-off left the sector near two-year lows.

Stocks erased gains and were little changed on Tuesday as a brokerage's dour view on Microsoft Corp weighed on technology shares, while investors worried that record crude oil prices could squeeze consumers and corporations.

Fox-Pitt Kelton analyst David Trone on Tuesday downgraded Morgan Stanley shares to in-line from outperform, citing the likelihood the bank will write down asset-backed securities, collateralized debt obligations and other assets by as much as $6 billion.