It was a Friday in the fall of 2004 and Umber Ahmad had been invited to read a poem at the wedding of one of her closest friends. She was planning to catch a 7 p.m. flight from New York to Toronto when a vice president at Morgan Stanley called her in. The client in a big merger deal needed work done over the weekend. A mergers and acquisitions specialist, Ahmad had no choice. She canceled the flight and started revising her analysis of the deal, Bloomberg Markets magazine will report in its June issue.
Alcoa Inc. Chief Executive Officer Klaus Kleinfeld won’t attend the St. Petersburg International Economic Forum this month after the White House lobbied the country’s top corporate leaders to avoid the event.
Morgan Stanley, owner of the world’s largest brokerage, will seek to boost its dividend yield to about 2 percent and eventually return all of annual earnings to investors, Chief Executive Officer James Gorman said.
Morgan Stanley reported profit that beat analysts’ estimates as a surprise jump in fixed-income results helped the firm post the only increase in trading revenue among the six biggest U.S. banks this year. The stock rose 3 percent in early New York trading.
Goldman Sachs Group Inc., the Wall Street bank with the highest return on equity in 2013, reported earnings that topped analysts’ estimates as investment-banking revenue jumped to the highest level since the financial crisis.