News

Don’t cry for Aberdeen Asset Management but Argentina’s currency issues sent it falling yesterday.

Liquid lunch and a $10m bet costs trader his living

David Redmond is no doubt still rueing the day he decided to flee the pressures of work for a few hours to enjoy a boozy lunch. The former Morgan Stanley trader was banned from the City by the Financial Services Authority yesterday for his post- prandial actions: a two-hour trading frenzy that saw him run up an unauthorised £10m bet on the oil markets.

Morgan Stanley fined £1.4m over trader

The financial Services Authority has fined the US bank Morgan Stanley £1.4m for failings that led to a $120m markdown to the books of a former senior proprietary trader.

Blue chips see best month in six years

The FTSE 100 rounded off its best month since 2003 and entered bull market territory, which is defined as a 20 per cent rise from recent lows, for the first time last night since the onset of the financial storm.

Morgan Stanley curtails Wall Street optimism

Bank slumps to first-quarter loss

Market update - 16 April

The FTSE 100 was 29.4 points ahead at 3996.8 while the FTSE 250 advanced to 7199.3, up 89.2 points, at around 11.55am today.

Seeking signs of life

Morgan Stanley reckons equities are headed nowhere but Goldman Sachs is optimistic and some experts are even predicting a stock market rally. So who is right? Nick Clark reports

'Here's the problem... people really hate you,' US bankers told

Wall Street's most powerful figures yesterday faced Congress to explain why taxpayers' money is being spent on bonuses, jets and junkets. Stephen Foley reports

Steve Richards: Politicians vilify the bankers – but they don't dare to act

Political leaders dare to speak out but are fearful for different reasons of coming up with precise policies

Jeremy Warner: Roach enjoys his day in the sun

Outlook He claims to take no pleasure in eventually being proved right, but Stephen Roach, chairman of Morgan Stanley Asia and a regular fixture of these mountain-top conferences, is living in clover.

Jeremy Warner: HSBC and the search for capital

Outlook I don't want to get back into the debate about whether HSBC needs more capital or not. Morgan Stanley yesterday added itself to the growing list of securities houses to say that it does, but there are still plenty of others who think the bank will be able to trade its way through the recession without resort to shareholders or governments. Whatever the answer, HSBC would be in a much worse position today than it is, with still relatively healthy capital ratios, had it listened to the siren calls a few years ago urging it to repatriate great wadges of capital and pay it out to shareholders. Most other banks succumbed, leaving them hopelessly undercapitalised when the downturn hit. HSBC resisted.

Citigroup in talks to unload broking business

Citigroup is in talks to merge its Smith Barney stockbroking business with Morgan Stanley, in a money-raising move that would create the biggest brokerage in the world.

Morgan Stanley posts $2.2bn loss in fourth quarter

Morgan Stanley reported a worse-than-expected fourth-quarter loss of $2.2bn (£1.4bn) from continuing operations, prompting a downgrade in the investment bank's senior debt rating.

Goldman faces $2bn loss – its first since 1929

As the banking giant prepares to unveil shock figures, Morgan Stanley braces itself to add its own bad news

Bear market has ended, says Morgan Stanley

Analysts at the US investment bank Morgan Stanley are recommending that clients start to buy shares again after more than a year of falling markets. In an investment strategy report, analysts at the bank said that all four indicators they use to gauge the equity market outlook have started to indicate a turn in the downward trend.

Mitsubishi closes $9bn investment in Morgan Stanley

Mitsubishi UFJ said today it bought a stake in beaten-down Morgan Stanley, as the US government reportedly offered to support the Japanese bank's investment.

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