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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Berlin, Dresden, Meissen & Colditz
Prices correct as of 17 October 2014
Wilko Johnson, now the bad news: musician splits with manager after police investigate assault claims

Wilko Johnson, now the bad news

Former Dr Feelgood splits with manager after police investigate assault claims
Mark Udall: The Democrat Senator with a fight on his hands ahead of the US midterm elections

Mark Udall: The Democrat Senator with a fight on his hands

The Senator for Colorado is for gay rights, for abortion rights – and in the Republicans’ sights as they threaten to take control of the Senate next month
New discoveries show more contact between far-flung prehistoric humans than had been thought

New discoveries show more contact between far-flung prehistoric humans than had been thought

Evidence found of contact between Easter Islanders and South America
Cerys Matthews reveals how her uncle taped 150 interviews for a biography of Dylan Thomas

Cerys Matthews on Dylan Thomas

The singer reveals how her uncle taped 150 interviews for a biography of the famous Welsh poet
DIY is not fun and we've finally realised this as a nation

Homebase closures: 'DIY is not fun'

Homebase has announced the closure of one in four of its stores. Nick Harding, who never did know his awl from his elbow, is glad to see the back of DIY
The Battle of the Five Armies: Air New Zealand releases new Hobbit-inspired in-flight video

Air New Zealand's wizard in-flight video

The airline has released a new Hobbit-inspired clip dubbed "The most epic safety video ever made"
Pumpkin spice is the flavour of the month - but can you stomach the sweetness?

Pumpkin spice is the flavour of the month

The combination of cinnamon, clove, nutmeg (and no actual pumpkin), now flavours everything from lattes to cream cheese in the US
11 best sonic skincare brushes

11 best sonic skincare brushes

Forget the flannel - take skincare to the next level by using your favourite cleanser with a sonic facial brush
Paul Scholes column: I'm not worried about Manchester United's defence - Chelsea test can be the making of Phil Jones and Marcos Rojo

Paul Scholes column

I'm not worried about Manchester United's defence - Chelsea test can be the making of Jones and Rojo
Frank Warren: Boxing has its problems but in all my time I've never seen a crooked fight

Frank Warren: Boxing has its problems but in all my time I've never seen a crooked fight

While other sports are stalked by corruption, we are an easy target for the critics
Jamie Roberts exclusive interview: 'I'm a man of my word – I'll stay in Paris'

Jamie Roberts: 'I'm a man of my word – I'll stay in Paris'

Wales centre says he’s not coming home but is looking to establish himself at Racing Métro
How could three tourists have been battered within an inch of their lives by a burglar in a plush London hotel?

A crime that reveals London's dark heart

How could three tourists have been battered within an inch of their lives by a burglar in a plush London hotel?
Meet 'Porridge' and 'Vampire': Chinese state TV is offering advice for citizens picking a Western moniker

Lost in translation: Western monikers

Chinese state TV is offering advice for citizens picking a Western moniker. Simon Usborne, who met a 'Porridge' and a 'Vampire' while in China, can see the problem
Handy hacks that make life easier: New book reveals how to rid your inbox of spam, protect your passwords and amplify your iPhone

Handy hacks that make life easier

New book reveals how to rid your email inbox of spam, protect your passwords and amplify your iPhone with a loo-roll
KidZania lets children try their hands at being a firefighter, doctor or factory worker for the day

KidZania: It's a small world

The new 'educational entertainment experience' in London's Shepherd's Bush will allow children to try out the jobs that are usually undertaken by adults, including firefighter, doctor or factory worker