News

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

Wall St capitulation marks end of an era

Goldman Sachs and Morgan Stanley have ripped up the traditional business model of investment banking and – in a desperate bid to survive – submitted themselves to new regulations and restrictions that put an end to the excesses of swashbuckling trading on Wall Street.

Jeremy Warner's Outlook: Last of the 'bulge brackets' are forced to fold their tents

A little while back, in the run-up to the Bank of America takeover of Merrill Lynch and the collapse of Lehman Brothers, I posed the question of whether this was the end of "bulge bracket" investment banking as we know it. With news yesterday that the last two remaining independent bulge bracket firms – Goldman Sachs and Morgan Stanley – are to become fully regulated commercial banks, the answer can now be given as an unambiguous yes. The revelation that Mitsubishi UFJ, part of the once bust Japanese banking system, is to take a stake of up 20 per cent in Morgan Stanley further underlines the point.

Morgan Stanley boss still in talks with Wachovia

John Mack, the chief executive of Morgan Stanley, has continued to talk to Bob Steel, the head of the US high-street bank Wachovia, about the possibility of combining their two companies, even though the immediate pressure to do a deal was lifted by the rebound in financial markets.

Could Morgan Stanley be next?

Investors were waiting for news of yet more potential rescue deals in the US banking sector today as reports suggested that Morgan Stanley would be the next to succumb to the credit crunch.

Goldman and Morgan Stanley rule out deal

Goldman Sachs and Morgan Stanley, the last two remaining independent investment banks, insisted they would remain independent, even as analysts and traders in the credit markets questioned the viability of their business model.

Morgan Stanley's shorting of HBOS cleared by FSA

Morgan Stanley's decision to take a short position in HBOS, whose £4bn rights issue it had underwritten, was cleared by City regulators yesterday.

Jeremy Warner's Outlook: Morgan Stanley in hot water over HBOS short

An outstanding trade, or just too clever by half? Morgan Stanley made a small killing when it shorted 2.25 per cent of HBOS last Friday. What's raised eyebrows is that it was also one of two lead underwriters to the HBOS rights issue that had closed that very morning. It therefore knew it would be able to close out its short positions at a substantial profit with the shares it was about to be left with as a result of being a prime underwriter.

M Stanley trader in $120m error

Morgan Stanley has suspended a London-based credit trader after learning that he overestimated the value of his positions by $120m. The US investment bank has been investigating the matter since May but has not yet concluded whether the misstated values were made in error.

Mystery as Euan Blair buys flat in London for £550,000

Euan Blair, the son of the former prime minister, is thought to be the new owner of a £550,000 two-bedroom flat in Islington, north London – despite not starting his graduate traineeship at the bank Morgan Stanley until the end of this month.

Bid talk swirls round Lehman as US banks face music

Investors are bracing themselves for a bloody week on Wall Street, with three of America's biggest investment banks, Goldman Sachs, Lehman Brothers and Morgan Stanley, expected to unveil further writedowns totalling as much as $9bn (£4.6bn).

The City Sings, Barbican, London

When it's lit up at night, the office block facing the entrance to the Barbican looks like the embodiment of capitalism. The rows of cubbyholes stretching heavenwards are all identical, each with the same standard-issue desk, lamp and shelves of black folders. On the first floor, where the big bosses presumably reside, the lighting is softer, and there's some serious art on the walls: culture clearly makes a suitable background accompaniment to the agreeable business of amassing millions.

Market Report: Morgan Stanley rekindles DSG bid speculation

DSG International, the company behind the PC World retail chain, was firm yesterday after market rumours mooted the possibility of a bid from Best Buy, the American retail giant that recently entered in to a joint venture with Carphone Warehouse.

Morgan Stanley defeats rebels at annual meeting

Morgan Stanley shareholders backed the leadership of John Mack, its chief executive, who yesterday promised to steer the financial giant through the worst period of market turmoil of his 40-year career.

Morgan Stanley posts $1.55bn profit after 'navigating' storms

Morgan Stanley yesterday became the latest bank to post results that pleasantly surprised Wall Street, mitigating the expected $2.3bn (£1.2bn) in new write-downs with news of one of its strongest ever quarters of fixed-income sales and trading revenue.

FSA warns banks to change trading floor 'culture' after SocGen debacle

The UK financial watchdog has warned banks to tighten their controls and introduce a trading-floor culture that protects against rogue traders in the wake of the €4.9bn losses at Société Générale sparked by Jérôme Kerviel.

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