Category Archives: Business
Morgan Stanley made big bet on Facebook
NEW YORK (Reuters) – Lead Facebook Inc underwriter Morgan Stanley took a bet earlier this week when it increased the size of the social networking firm’s $ 16 billion initial public offering and it boosted the price. Thanks to massive hype surrounding Facebook’s historic public offering, the wager looked safe. But a rocky first day … Continue reading
Solow lawsuit over Citigroup disclosures dismissed
(Reuters) – Citigroup Inc and its Chief Executive Vikram Pandit on Friday won a dismissal of New York real estate developer Sheldon Solow’s lawsuit accusing them of securities fraud for hiding the bank’s risks during the 2008 financial crisis. U.S. District Judge Robert Sweet in Manhattan said Solow failed to show that the defendants had … Continue reading
Manulife, Metlife submit bids for ING Asia sale: sources
HONG KONG (Reuters) – Manulife Financial Corp and Metlife are among the companies that have submitted first round bids for ING’s entire Asia life insurance business, sources said on Saturday, in what could be the largest Asia M&A insurance deal ever. ING’s long awaited sale of Asian life insurance and the asset management units will … Continue reading
Dewey to consider bankruptcy filing: source
NEW YORK (Reuters) – Ailing law firm Dewey & LeBoeuf is considering a bankruptcy filing as new debtholders take a more aggressive track, shifting away from earlier attempts at an out-of-court liquidation, a person familiar with the matter said on Friday. The majority of Dewey’s partners have quit as a result of concerns about compensation, … Continue reading
Historic Facebook debut falls flat
SAN FRANCISCO (Reuters) – The historic initial public offering of Facebook Inc did not go as planned on Friday, as the social networking company’s sky-high valuation combined with trading glitches left the stock languishing near its offering price at the market close. Facebook shares began trading late Friday morning and opened 11 percent above the … Continue reading
Wall St Week Ahead: The market is oversold, but major signs say “sell”
NEW YORK (Reuters) – Normally a big decline would set up Wall Street for a technical rebound. But that may not be the case next week, even after the market posted its worst weekly loss for the year and the S&P fell for six straight sessions. With the corporate earnings season drawing to an end … Continue reading
Analysis: JPMorgan to be haunted by change in risk model
(Reuters) – JPMorgan Chase & Co’s decision to radically change the way risk was measured in its Chief Investment Office is likely to dog the bank in the developing crisis over the big trading losses it has suffered. The move, which allowed the bank to disguise the level of risk that the CIO was taking … Continue reading
Analysis: More U.S. shareholders call for independent chairmen
Boston (Reuters) – Welcome to the club, Jamie Dimon. Embarrassed by a surprise $ 2 billion trading loss last week, the chairman and chief executive of JPMorgan Chase & Co faced heightened criticism at the bank’s annual meeting on Tuesday. That included 40 percent backing from shareholders for a resolution to strip Dimon of his … Continue reading
Investor group seeks JPMorgan governance changes
NEW YORK, May 18 (Thomson Reuters Accelus) – A labor-backed investor group critical of JPMorgan Chase & Co’s corporate governance said the bank has failed to address concerns over its risk oversight and it will try to rally other shareholders for changes after a $ 2 billion trading loss. CtW Investment Group, which advises labor … Continue reading
Wall Street banks facing second-quarter slowdown: analyst
(Reuters) – Wall Street banks will report sharp declines in trading and investment banking revenues in the second quarter because of weaker client activity, JPMorgan analyst Kian Abouhossein said in a report on Friday. Fixed income, currency and commodities trading revenue is likely to be particularly challenged for a group of banks including Goldman Sachs … Continue reading
