Pay for people in bonds, currencies and commodities is likely to decline this year as firms increased hiring after a strong 2009, and regulators focused on large bonuses as those markets remained “sluggish,” according to Glenn Schorr , an analyst of brokerage stocks at Nomura Securities International Inc. in New York.
JPMorgan Chase & Co.’s Mike Cavanagh, who served as a close deputy to Chief Executive Officer Jamie Dimon for more than two decades, will leave to become co-chief operating officer of Carlyle Group LP.
Morgan Stanley reached a settlement with MBIA Inc. over credit-default swaps that led to billions of dollars of losses for the bank, agreeing to terminate the contracts and drop a challenge to the insurer’s restructuring.
James Gorman strides across the stage of the auditorium on the top floor of Morgan Stanley’s Times Square headquarters. It’s late October, and he’s in the midst of the second investor revolt he’s been through in three years -- the first one coming during the financial upheaval of 2008.
Morgan Stanley, which last year missed an internal trading-revenue target by more than 40 percent, is under pressure to show improvement after a two-year effort to turn around the firm’s fixed-income trading business.
JPMorgan Chase & Co.’s tentative agreement to pay a record $13 billion to end civil claims over its sales of mortgage bonds, a deal that won’t absolve the bank of potential criminal liability, hasn’t shaken some investors’ faith in Chairman and Chief Executive Officer Jamie Dimon.