Travelers Cos., the only property-casualty insurer in the Dow Jones Industrial Average, said fourth-quarter profit jumped 8.9 percent as investment income improved and the company recorded a gain tied to the settlement of a risk-sharing dispute. Net income rose to $943 million, or $3.28 a share, from $866 million, or $2.83, a year earlier, the New York-based company said Tuesday in a statement.
Category: Morgan Stanley European Fund
Morgan Stanley, UBS Said to Plan Boosting China JV Stakes
Morgan Stanley and UBS Group AG are in talks with local partners to boost holdings in their China securities businesses, a sign of growing confidence in those operations, according to people familiar with the matter. The banks are engaged in separate discussions on raising their stakes to 49 percent, the maximum allowed under current regulations, the people said, asking not to be identified because the negotiations are confidential.
Morgan Stanley Said to Cut Bonuses, Jobs for Equities Traders
Morgan Stanley, Wall Street’s biggest stock-trading firm by revenue, is cutting its global bonus pool for the equities division by as much as 4 percent and dismissing some employees after the industry’s results flagged last year, according to people with knowledge of the plans. The firm, which is set to pay annual bonuses next month, has been fine-tuning calculations for pay packages since November, according to the people, who asked not to be identified describing the deliberations.
Scaramucci Says Greg Fleming Advising on Possible SkyBridge Sale
Anthony Scaramucci, founder of SkyBridge Capital, says he has a team in place to explore the sale of his firm and discussions with possible buyers are underway. Scaramucci, who serves on President-elect Donald Trump’s transition team, told Bloomberg Television Friday that Greg Fleming, who previously led Morgan Stanley’s retail brokerage, is helping with the sale.