Industry

Updated Wednesday, May 22, 2013 as of 2:23 PM ET

Industry

Morgan Stanley Stock May Be Worth $32 in Breakup

(Bloomberg) -- Morgan Stanley, trading at less than half of its liquidation value, could be worth as much as $32 a share in a breakup, said Michael Mayo, an analyst at CLSA Ltd.

Short-sellers betting against Morgan Stanley would be “blown to Neptune” if the New York-based investment bank heeds calls for the biggest U.S. financial firms to be split into pieces, Mayo, 49, said today in an interview on Bloomberg Television’s “Street Smart.” The stock gained 2.7 percent to close at $12.96 in New York. more »

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Evercore Profit Rises as Investment-Banking Revenue Climbs

Evercore Partners Inc., the advisory firm founded by former U.S. Deputy Treasury Secretary Roger Altman, said second-quarter profit rose 19% as investment-banking revenue climbed. more »

Who's Offering the Highest Average Pay on Wall Street?

Jefferies Group Inc. and Goldman Sachs Group Inc. led Wall Street’s largest securities firms in average compensation per employee at midyear, widening a lead over JPMorgan Chase & Co. more »

Perella Said to Be Hired in Morgan Stanley, Citigroup Price Rift

Citigroup Inc. and Morgan Stanley hired Perella Weinberg Partners LP to settle a dispute over how much their Morgan Stanley Smith Barney joint venture is worth, people with direct knowledge of the matter said. more »

Trading Worldwide Drops 19% in First Half

Trading is down 18.9% from the first half of last year, according to statistics reported by members of the World Federation of Exchanges. Trading in the Americas is down 14.3%. more »

Hancock Looks to Boost Advisors’ Value

John Hancock Funds today unveiled a new program and a survey to help retirement plan advisers demonstrate their value and build stronger relationships with their plan sponsor clients more »

ICI's Stevens Moves Beyond 'Collaborative Exploration'

Paul Schott Stevens has spet the past two years championing an industry-wide call for the SEC to not fix what isn't broken in a key segment of the industry: the $2.6 trillion money market mutual fund business. more »

BofA Posts Quarterly Profit as Chief Takes Aim at Expenses

Bank of America Corp., shaking off some of the drag caused by faulty mortgages, swung to a second- quarter profit as losses in real estate narrowed and the company set aside less for bad loans. more »

Goldman Sachs to Build Up Private Banking Operations

Following a difficult second quarter, the financial services firm will push to expand its lending operations. more »

BlackRock 2Q Profits Fall

BlackRock said second-quarter profit fell 11% as slumping markets worldwide eroded fees for overseeing client assets. more »

State Street Buys Goldman Hedge-Fund Unit as Revenue Falls

State Street Corp., the third- largest custody bank, agreed to buy the hedge-fund administration unit of Goldman Sachs Group Inc. to boost growth as second-quarter revenue fell amid declining global markets and record low interest rates. more »

Goldman Sachs Beats Estimates on Asset Management, Investments

Goldman Sachs Group Inc., the fifth- biggest U.S. bank by assets, reported second-quarter earnings that beat analysts’ estimates on higher asset-management revenue a gain from the firm’s own investments. more »

Citigroup Beats Analysts’ Estimates on Investment Banking

Citigroup reported second-quarter profit that beat analysts’ estimates on revenue from advising on mergers and underwriting stocks and bonds. more »

JPMorgan’s $4.4 Billion CIO Loss Drives Profit Down 9%

JPMorgan Chase & Co., the largest U.S. bank, reported a $4.4 billion trading loss in its chief investment office, bigger than analysts estimated, that helped drive second-quarter profit down 9%. more »

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