John Mack announced plans to step down as Morgan Stanley's CEO at the end of the year. He'll won't be departing the bank entirely: Mack will become Morgan's chairman on January 1, and the chief executive role will be handed over to James Gorman, the former McKinsey consultant and Merrill Lynch exec who joined Morgan…
AIG has been a big disaster the last few months, hasn't it? Not if you happen to work for Morgan Stanley, Deutsche Bank, or BlackRock, or any of the other dozen or so banks and law firms expected to rake in as much as $1 billion breaking apart the insurance giant. But at least one firm involved in the process is…
As your money burned last year and banks groveled for cash, we knew they kept handing out billions of bonus cash. But now we know how just a small few put their snouts to the trough.
Mayor Bloomberg's pick to be the city's new finance commissioner is David Frankel, "a former managing director at Morgan Stanley" and former "senior vice president at a unit of American International Group." Now there's a confidence builder! [NYT/Dealbook]
Things may be all hunky-dory at Goldman Sachs and JPMorgan Chase now that both firms announced hugely profitable second quarter profits. The same can't be said for Morgan Stanley, though. The bank posted a $1.26 billion loss for the second quarter today, but as is the case with so many things on Wall Street, you…
Teenagers—what crap are they looking at, and how can we make money off them? Wall Street's most sophisticated analysts have cracked this code: they had a 15 year-old kid write down what teens like. This is huge.
Yesterday it was reported that Morgan Stanley would be "first in line" to pay back the money it received last fall from the U.S government as part of the good ol' TARP. Morgan Stanley won't be able to claim that honor, sadly. U.S. Bancorp and BB&T were the first banks to repay the government in full today. Morgan and…
The Treasury Department has given to go-ahead to ten big banks to begin repaying the billions provided to them by U.S. taxpayers. And for what may be the first time in history, they're expressing delight at the prospect of writing checks instead of collecting them. The Treasury Department didn't release a list this…
• Morgan Stanley may get out from under the TARP sooner rather than later now that the bank has raised another $2 billion of Japanese cash. [DB]
• AIG was spending a fortune to sponsor the British soccer team Manchester United. Now that it no longer has a fortune to spend, Aon is taking over. [DB]
• Fewer people filed…
• JPMorgan Chase, American Express and Morgan Stanley all announced plans to raise fresh capital today, so they're prepared to repay the taxpayer money they've received as soon as Washington gives them the go-ahead. [WSJ, BN]
• Related: The Federal Reserve says next week it will announce an initial set of banks that…
• It looks like General Motors will file for bankruptcy on Monday. [WSJ]
• Bill Ackman, the activist investor who's been taking aim at Target for months now, lost his battle to remake the company's board yesterday. [Fortune]
• A group of banks and money managers are now trying to "fend off" some of the new trading…
Oh, good, Morgan Stanley just hired a financial analyst who had to quit the NFL two years ago because he'd had too many concussions to continue playing. Wayne Chrebet, welcome to the Moldaver Group wealth-management team!
• Famed hedge fund manager Art Samberg has announced plans to shut down his firm, Pequot Capital Management, after an investigation into possible insider trading at the firm was revived. [NYT, WSJ]
• One person sweating bullets about Pequot's collapse: Morgan Stanley CEO John Mack, who was tied to the mess when it…
• Following a similar move by Morgan Stanley last week, Citigroup and Bank of America are raising base salaries for bankers. It's designed to make up for the new limits on annual bonuses (and won't make up for the difference, by any means), so don't expect shouts of joy at either bank today. [WSJ]
• Bank of America…
No wonder the economy is in such trouble: "A trader who returned from a three-hour lunch involving alcohol and racked up big positions in oil futures, and then concealed the trades from employer Morgan Stanley, has the bank at the center of the second such scandal in the space of a week." [WSJ]
• Goldman Sachs, JPMorgan Chase, and Morgan Stanley have applied to refund a total of $45 billion of bailout money. The government now has to decide whether to take the cash and run the risk of upsetting less fortunate banks who can't afford to repay their bailout money. [BN, DB]
• Money management giant Blackrock has…
• The Carlyle Group will pay $20 million to end an investigation by Andrew Cuomo into its dealings with pensions and placement agents. [NYT, WSJ]
• Two attorneys at the SEC are under investigation for insider trading. [CBS]
• Hedge fund manager Jim Simons is facing tough questions from angry investors who put money…
• AIG's Ed Liddy now says the company will need three to five years to carry out its restructuring plan and repay taxpayer bailout money. [NYT]
• Hedge funds actually saw returns rise more than three percent in April. [DB]
• Walter Noel's Fairfield Greenwich hedge fund is no more. The disgraced firm is handing over…
• The market has been up big the last few weeks. But the ride may be over. "The market has gone too far, too fast," as one fund manager puts it. [BN]
• Following the stress tests last week, a number of banks have been busy de-stressing: Both Morgan Stanley and Wells Fargo raised billions late last week to satisfy new…
• John Thain is striking back at Bank of America in an effort "to restore his sullied reputation," and accusing BofA's CEO, Ken Lewis, of lying. [WSJ]
• Thanks to rising profits, employees at several banks are on track to earn as much money this year as they did before the financial crisis. [NYT]
• UBS's head of…
