Wall Street banks, buoyed by record stock-market prices and high-yield bond issuance, probably will report a jump in second-quarter trading and investment-banking revenue from the same period a year ago.
Greenhill & Co., the merger adviser GrainCorp Ltd. hired to consider Archer-Daniels-Midland Co.’s bid, is itself a potential target for firms looking to add banking expertise on optimism deal-making will resurge.
The Federal Energy Regulatory Commission lacks authority over futures contracts, a U.S. appeals court ruled, handing a victory to the Commodity Futures Trading Commission and an ex-Amaranth Advisors LLC trader fined $30 million by FERC.
Bank of America Corp.’s first- quarter revenue from fixed-income trading slumped more than most of its peers, eroding the biggest source of profit at the firm’s Merrill Lynch investment bank amid a push to curtail risk.
Seventeen years ago fund manager Michael F. Price spurred the merger of Chase Manhattan Corp. and Chemical Banking Corp., creating what was then the biggest U.S. bank and laying the foundation for JPMorgan Chase & Co.
Morgan Stanley may have avoided paying Citigroup Inc. hundreds of millions of dollars more for the remaining stake in their Smith Barney joint venture by fixing a price just before the brokerage’s profit surged.