Goldman Sachs Group laid off 5 percent of its trading desk staff on Tuesday as part of its annual review process, sources familiar with the matter said on Thursday. Get the full story »
Inside these posts: Investment banks
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Bankers line up to handle AIG share sale
Some of the United States’ top bankers descended on a law firm in Manhattan on Thursday to make a pitch for managing what could be one of the largest share sales in history — a secondary offering for bailed-out insurer American International Group Inc.
JPMorgan Chief Executive Jamie Dimon was among the executives attending the meeting. Dimon entered the building of law firm Davis Polk & Wardwell LLP just after 9:30 a.m. EST in New York. Asked how the meeting went as he left, Dimon laughed and said: “How’d what go?” Get the full story »
Citadel investment banking unit loses 3
From Bloomberg News | Chris Boas, Brad Kurtzman and Carl Mayer, senior executives at the investment banking unit of Chicago-based Citadel LLC, have left the firm. Get the full story>>
Goldman code case jury hears closing arguments
High-tech thief or bogus prosecution? Those were the opposing closing arguments offered on Thursday in the case of a computer programmer accused of stealing high-speed trading code from Goldman Sachs.
Sergey Aleynikov, 40, was charged with stealing critical parts of code as he left Wall Street’s most influential bank in June 2009 before joining Teza Technologies LLC, a high speed-trading start-up firm in Chicago. Get the full story »
Northern Trust scoops up investment firm serving rich
(Scott Olson/Getty Images)
On a day when one of its chief competitors announced 1,400 job cuts, Chicago-based Northern Trust Corp. said it has acquired Waterline Partners LLC, a Los Angeles investment advisory firm serving rich individuals and families.
Terms of the agreement weren’t disclosed. Northern’s stock was up about one percent in late-morning trading to $50.77 a share; the Dow Jones Industrial Average was up 1.8 percent.
“We are delighted to announce a strategic acquisition that will bolster both our West Coast presence as well as our capabilities for clients,” Northern Trust Chairman and Chief Executive Officer Frederick Waddell said. Get the full story »
HighTower adds New York Morgan Stanley team
A team of Morgan Stanley Smith Barney brokers in northern New York state, the Morgia Group, last week joined HighTower Advisors, a Chicago firm that is adding veteran advisers across the United States. Get the full story »
Denver bank starts new investment firm in Chicago
Denver-based investment bank Headwaters MB has created a financial institutions practice that’ll be headquartered in Chicago and focus on mergers and acquisitions and capital raising for banks with assets of up to $3 billion.
“There’s a significant opportunity to participate in the impending wave of industry consolidation,” said Managing Director Eliot Stark, who before joining Headwaters worked for Chicago-based investment bank Capital Insight Partners. Stark also once served as a corporate development, finance and planning executive for Comerica Bank, where he was involved with dozens of M&A transactions. Get the full story »
Goldman to China: Allow stronger yuan
China should let the yuan rise further to help its transition toward a consumption-based economy, although there is no clear evidence the currency is undervalued, a senior executive at Goldman Sachs said on Monday.
Higher inflation in China had contributed to rises in the yuan’s real exchange rate, said Jim O’Neill, chairman of Goldman Sachs asset management. Get the full story »
Morgan Stanley posts 3Q loss on special charges
Morgan Stanley became the latest investment bank to report weaker results Wednesday from a trading slowdown during the summer, reporting a net loss during the third quarter as revenue fell 20 percent.
Half of all Wall Street workers expect higher bonus
Half of financial professionals on Wall Street expect to get a higher bonus this year, and some of those expect a much bigger payout, according to an annual survey by financial job board, eFinancialCareers.com.
Eleven percent expect bonuses that are at least 50 percent higher than those paid out at the start of 2010, according to eFinancialCareers, a unit of Dice Holdings Inc, even though 2010 was seen as a “sideways” year for the stock market. Get the full story »
Investment bank rejected Tribune deal in 2007
An investment bank declined to give Tribune Co. a clean bill of financial health in 2007 that would have cleared the way for Sam Zell’s $8.2 billion leveraged buyout of the media conglomerate, people familiar with the matter said.
Houlihan Lokey, a Los Angeles-based bank, rejected overtures from Tribune around March 2007 to provide what is known as a “solvency opinion” that would label Zell’s takeover financially sound, these people said. Houlihan believed the deal would saddle the newspaper-and-television company with too much debt, they said. Get the full story »
