Wall Street banking giant Morgan Stanley has today reported a rise in quarter two revenues – beating forecasts. The US bank reported a 17% rise in revenues for the three months to the end of June totalling $9.3 billion (£5.7 billion) – up from $8 billion in the same period a year ago. However, the [...]
US banking giant Morgan Stanley has today announced first quarter profit fell 48% on an annual basis – primarily due to a $655 million pre-tax loss from its joint venture with Mitsubishi UFJ Financial Group. However, the fall was much less than analysts had forecast and shares rose 3.5% in early trading as a result. [...]
The Royal Bank of Scotland (RBS), which is 83% owned by the taxpayer, is understood to be looking at selling a £1 billion Spanish property loan portfolio, as it looks to offload unwanted assets. The speculation comes as the bank has been selling assets under the orders of the European Commission, as a punishment of [...]
US banking giant Morgan Stanley has today reported its second quarter results with net profit totalling $1.4 billion (£917 million), compared with a loss of $138 million in the same period a year ago. The Wall Street firm also said it saw a 53% increase in revenues of $7.95 billion compared with the same period [...]
Eight Wall Street banks are facing an investigation following allegations that they provided misleading information to several ratings agencies in order to gain a better rating for mortgage securities. New York Attorney General, Andrew Cuomo, has launched the investigation and the banks under scrutiny are Goldman Sachs, Morgan Stanley, UBS AG, Citigroup, Credit Suisse, Deutsche [...]
The US Treasury Department has today announced it is selling its 27% stake in Citigroup this year, in what will be one of the largest stock sales ever. According to the department, around 7.7 billion shares in the bailed-out bank will be sold in stages. The stock is currently worth around $33 billion (£22 billion) [...]
The controversial subject of bankers’ pay has reared its ugly head again today after the chairman of US banking giant, Morgan Stanley, John Mack, said investment bankers are overpaid. Sixty-five-year-old Mack, who recently stepped down as chief executive but remained chairman, has not taken a bonus for the past three years but received a salary [...]
Morgan Stanley has struck a deal with investment manager Invesco which will see the US bank sell its retail asset management business for $1.5 billion (£913 million) in stock and cash. The purchase price includes $500 million in cash and $1 billion in stock. Morgan Stanley is to acquire a 9.4% equity stake in Invesco, [...]
US bank Morgan Stanley is set to eliminate further job losses this month. According to The Times, around 2,000 back-office jobs are set to go from its global workforce of 47,000. Last year, the bank cut around 10% of its workforce. It is believed that the 2,000 job losses will not affect the company’s financial [...]
US investment bank Morgan Stanley has announced a loss of $2.19 billion (£1.41 billion) for the three months ended November 30. The news follows that from Goldman Sachs who yesterday reported its first loss since it floated almost a decade ago. Goldman said that losses during the three months to the end of November hit [...]
Shares in Morgan Stanley increased today after the news that Japan’s largest bank, Mitsubishi UFJ Financial Group, is to pay $9 billion (£4.8 billion) for a stake of up to 20% in the bank. The news follows the announcement earlier today that Morgan Stanley, along with Goldman Sachs, have changed status and have received regulatory [...]
The remaining two independent investment banks on Wall Street, Goldman Sachs and Morgan Stanley, have changed status and have received regulatory approval to convert themselves into traditional bank holding companies. The surprise declaration was announced by the Federal Reserve at 2.30am London time today and follows an historic week on Wall Street after last week’s [...]
According to Reuters, US investment bank Morgan Stanley is in talks with Wachovia and China Investment Corp (CIC) about a possible takeover or an investment opportunity. Last week, shares in Morgan Stanley plummeted after the collapse of Wall Street giant, Lehman Brothers, the rescue of US insurance giant AIG and Bank of America’s takeover of [...]
The remaining two independent investment banks on Wall Street are today surrounded by merger speculation after shares in the two organisations plummeted over recent days. Despite assurances from Goldman Sachs and Morgan Stanley, investors have still abandoned ship. Monday saw the collapse of Wall Street giant, Lehman Brothers, which was forced to file for bankruptcy [...]
Morgan Stanley, the investment bank, is predicting that UK house prices will fall 15% over the next two years, leaving 1.2 million homeowners in negative equity. For anyone in negative equity, mortgage debt exceeds the value of their home, making it difficult to move. Homeowners who fall into arrears with their mortgage payments can be [...]
Gender directive could slash men’s annuity payouts
The EU Gender Directive, which came into force today, could see men losing up to £10,000 from their annuity payouts, according to research by PricewaterhouseCoopers. Under the new rules insurers are no longer allowed to take gender into account when setting annuity rates and premiums on insurance products. Men previously enjoyed higher annuity rates than [...]
Home rental costs down in November
The cost of renting a house in England and Wales fell by 0.4 per cent in November, its first dip since March, according to a survey by LSL Property Services. Average rent was £741m during the month, returning to the level seen in September. However, it was 3.4 per higher than in November last year. [...]
Lloyds TSB halts sale of packaged accounts in branches
Lloyds TSB will stop selling packaged account in its branches from 1 January 2013, until its sales procedures are brought into line with those operated by sister bank The Halifax. Lloyds TSB is one of the main providers of packaged accounts in Britain, with around one in three of its customers choosing to pay fees [...]
Housing market recovery to continue next year
Recent improvements in the housing market should continue into next year, according to the Council of Mortgage Lenders (CML) Gross lending is estimated to have increased to £12.9 billion in November, helped by the Funding for Lending scheme which provides banks and building societies with lower-cost funding, which they are then supposed to pass on [...]
Newcastle Building Society exits interest-only mortgages
Newcastle Building Society has stopped offering interest-only mortgages to new borrowers, following the lead of the Royal Bank of Scotland, Nationwide, Co-operative bank and Coventry Building Society. The decision will not affect existing Newcastle customers and applications for interest-only mortgages received before 14 December will still be processed. Prior to the credit crunch, interest-only mortgages [...]
Less than half of Brits considered creditworthy
Fifty-seven per cent of UK adults are at risk of having an application for credit turned down by a mainstream lender according to a new report. The ‘Mind the Credit Gap‘ report commissioned by aqua credit cards suggests that even people with a good credit rating and earning more than £50,000 could have a credit [...]
Monthly incomes £22 lower in 2012
The average monthly income of UK households fell by £22 in real terms compared with last year, according to a survey carried out for the Bank of England (BoE) by NMG Consulting. People on lower incomes have seen their income eroded more than higher earners and households still have high levels of debt the BoE [...]
Savers dig deep to fund Christmas
New research from the Halifax suggests that savers are funding their Christmas spending with money set aside for other purposes. Thirty-seven per cent of 2,138 savers surveyed by the bank at the end of November had withdrawn savings in the last three months. The average amount withdrawn was £1,186, more than double the average savings [...]
Financial data at risk from unsafe passwords
According to a survey by the Payments Council the problem of having to remember a different password for several accounts means that many internet users are compromising the security of their financial data. Internet users have 22 password-protected accounts on average and many use the same log-in details for more than one account, even though [...]
Wonga launches Paylater loans on retailer website
Payday loan company Wonga has launched a new Paylater service on furniture firm Cotswold Company’s website. The service, which allows customers to “buy now, pay later” will be introduced on other retailers’ sites in the near future. Although the Paylater branding is similar to Wonga’s, the Wonga name only appears in the small print. A [...]
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