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.
Jefferies Group Inc. and other “boutique” investment banks may report better first-quarter results than previously estimated because of fewer writedowns and a rebound in brokerage revenue, according to Fox-Pitt Kelton Cochran Caronia Waller.
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.
Some of Wall Street’s biggest firms signaled optimism in October after posting their worst trading and investment-banking period since the financial crisis. Now, analysts say the fourth quarter may have been worse.
Vikram Pandit is poised to report Citigroup Inc. ’s first annual profit since he took over as chief executive officer three years ago, relying on trading and consumer banking to counter a drop in underwriting and mergers.