World
The investment banking division contributes strongly to the shortfall after a tough fourth quarter, but CEO Brady Dougan says all businesses have had a strong start to 2009.
Investment banking drives losses at UBS, while wealth and asset management report large net new money outflows. Cash bonuses to investment bankers are reduced by 95%.
The Morgan Stanley Smith Barney joint venture places Morgan Stanley squarely in the driver’s seat; analysts expect further Citi disposals to follow.
Obama’s policies are likely to be less equity-favourable, but analysts hope he will step back from his more progressive initiatives until the economic recovery is well underway.
A bulldog spirit is required, says Hong Kong hedge fund manager Paul Sheehan, who puts forward a proposal for addressing the credit crisis.
Fidelity International’s global head of institutional investment, Michael Gordon, says the events of the past few weeks are changing the financial landscape in ways that few ...
“I would have liked to have given it an A+,” says Morgan Stanley Asia’s chairman, “but it deals with issues sub-optimally.”
Financiers have long extolled the virtues of short selling. Just because they are now receiving a taste of their own medicine is no reason for regulators to ban the practice.
GE will partner with the sovereign wealth fund in areas such as clean energy, aviation and financial services, in a deal that will make Mubadala a top 10 shareholder in GE.
Investment in risk management technology is on the rise as securities firms feel the pinch of the global credit crunch, according to a survey by Sophis.
Merrill Lynch expects the combined assets of the world’s high-net-worth individuals to reach $59.1 trillion by 2012, led by those in the Middle East, Latin America, and Africa.
The wealth manager expects difficult times ahead for equities and recommends cutting back in this asset class, particularly in Asia ex-Japan, Brazil and Russia.
The bank launches a new domestic settlement service for global interbank foreign exchange trades in a bid to help reduce settlement risk in developing markets.
The Chinese insurance company pays $3.32 billion for the stake in Fortis's asset management subsidiary, gaining access to a business with $378 billion of assets under management.
It is another case of the emperor’s new clothes as the operational risks and credit monitoring at Societe Generale are exposed as poor.