Morgan Stanley Profits Fall 57%

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• Fed Allows Goldman, Morgan to Become Full Banks

  Sep 21, 08 10:11 PM CDT
  Goldman Sachs and Morgan Stanley, the nation's last two major independent investment banks, have gotten permission to become bank holding companies, the Federal Reserve said tonight. A fundamental rearrangement of Wall Street, the move will allow them to create commercial banks, which would bolster their resources, while inviting increased regulation. It reflects the Fed's determination not to let Goldman and Morgan Stanley fail, the New York Times notes. More »

• Morgan Stanley Likely Shopping for a Merger

  Sep 17, 08 7:25 AM CDT
  Morgan Stanley is rumored to be considering whether to merge with a deposit-taking bank, reports CNBC, in the wake of Lehman's collapse after repeatedly shunning buyout offers. And while the company hasn’t yet found a partner, insiders say that its sliding stock price makes survival unlikely without a well-capitalized bank as a partner.
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• Morgan Stanley Profit Dips, But Easily Beats Forecasts

  Sep 16, 08 5:40 PM CDT
  Morgan Stanley reported a 3% percent drop in third-quarter earnings but easily beat Wall Street expectations, Bloomberg reports. The investment bank's profit fell to $1.43 billion, or $1.32 per share from $1.47 billion, or $1.38, a year ago. Analysts expected 78 cents a share. The relatively good news came at the end of another volatile day on Wall Street, and Morgan Stanley released the figures a day early to help calm investors. Rival Goldman Sachs reported a 70% drop in earnings this morning.
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• Wachovia Posts $8.9B Loss Under New CEO

  Jul 22, 08 9:58 AM CDT
  New Wachovia CEO Robert Steel moved aggressively to staunch the bank's losses by taking a massive $8.9-billion hit in the second quarter and slashing its dividend to almost nothing, the New York Times reports. Steel had every reason to clean house, but analysts had predicted only a 78 cents-per-share loss. Instead, after $6.1 billion in writedowns, Wachovia lost $4.20 a share. More »

• GE CEO Parries Critics —Including Predecessor

  Apr 17, 08 1:23 PM CDT
  General Electric CEO Jeffrey Immelt faced the music yesterday, as his predecessor, Jack Welch, raked him over the coals on his own cable TV network for missing first-quarter earnings forecasts. Immelt admitted GE “let people down” in downgrading its outlook for 2008, the Wall Street Journal reports. But he said he won’t change the direction he’s set for the company, or cave to demand he split it up. More »