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: Investment Banking
Morgan Stanley Is a ‘Very Good Situation’: More Squawk From Jim Cramer
Shares of Morgan Stanley were declining in early morning trading on Tuesday despite reporting a top and bottom line fourth quarter beat before the market open. Furthermore, the NYC-based bank posted its biggest gain in fixed-income trading, as revenue from that unit nearly tripled.
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.
Credit Suisse Moves to Block Jefferies Bid to Hire Bankers
Credit Suisse Group AG is seeking to thwart an attempt by Jefferies Group LLC to lure away a group of senior bankers. Five of eight Credit Suisse bankers who had been in talks to join Jefferies have instead agreed to stay on, according to a spokeswoman for the Swiss lender.
Barclays to Face Off Against U.S. Over – Craptacular’ Loans
The U.S. Justice Department sued Barclays Plc for fraud over its sale of mortgage bonds after the bank balked at paying the amount the government sought in settlement negotiations. The lawsuit announced on Thursday is rare for big banks, which typically negotiate a settlement with the government rather than risk drawn-out litigation and a possible trial.
Jefferies Profit Quadruples as Fixed Income, Equities Climb
Jefferies Group, the investment bank whose trading results often foreshadow performance at bigger Wall Street firms, said fourth-quarter profit quadrupled as revenue from trading stocks and bonds more than doubled. Net income jumped to $87.1 million in the three months ended Nov. 30, the New York-based company said Tuesday in a statement.
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.