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Wall Street Wrestles With Dealmaking, Trading Slump
Morgan Stanley said second-quarter profit fell 13% from a year ago, driven by a 22% decline in trading revenue. Source link
Merrill Lynch to Pay $12 Million for Failing to File Hundreds of Suspicious Activity Reports
Anti-money-laundering rules require broker-dealers to report to regulators on transactions over $5,000, but Merrill’s parent used a $25,000 threshold since their tie-up. Source link
Rebound in Rates Puts Pressure on Banks
U.S. banks are poised for a rebound in unrealized losses on their bond and loan portfolios, after a surge in market interest rates. Source link
Lazard Fires Top Restructuring Banker Accused of Harassing Employees
Reid Snellenbarger is said to have acted inappropriately at a party he hosted over the weekend. Source link
U.S. Oil Boom Blunts OPEC's Pricing Power
U.S. petroleum production is on pace for a record-breaking year, helping to keep energy prices stable despite the efforts of Saudi Arabia and other major
U.S. Oil Boom Blunts OPEC's Pricing Power
U.S. petroleum production is on pace for a record-breaking year, helping to keep energy prices stable despite the efforts of Saudi Arabia and other major
Goldman Sachs Reports Lower Profit
Results were hurt by a slowdown in deal making and a sizable loss on the sale of part of its Marcus personal loan portfolio. Source
Citi Long-Serving M&A Chief to Retire
One of Citigroup’s top dealmakers, Mark Shafir, is retiring from the investment bank. Source link
Raine Group Acquires Code Advisors, a Boutique Bank
WSJ News Exclusive Finance The acquisition is an effort by the merchant bank to strengthen its Silicon Valley footing Source link
The Fatal Flaw in Credit Suisse’s Last-Ditch Attempt to Save Itself
Credit Suisse Group AG’s new-look investment bank, CS First Boston, was supposed to help salvage the lender. Instead, it may have hastened its fall. The