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Morgan Stanley fell to a three- month low in New York after the firm reported the biggest drop in trading revenue among the largest U.S. banks.
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Morgan Stanley has had talks with private-equity firms including Blackstone Group LP as the bank considers options for its commodities trading unit if the Volcker rule outlaws some activities, according to people familiar with the discussions.
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Qatar, the Persian Gulf country seeking to reduce its dependence on gas reserves, is weighing a potential stake in Morgan Stanley’s commodities unit, Prime Minister Sheikh Hamad bin Jassim Al Thani said.
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Morgan Stanley is in advanced talks to sell part of its commodities business to the Qatar Investment Authority for $1 billion or more, CNBC reported, citing unidentified people familiar with the matter.
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Morgan Stanley, owner of the world’s biggest brokerage, rose the most in seven months after earnings from that business more than doubled and the firm reached profit-margin targets six months ahead of schedule.
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Morgan Stanley fell in New York trading after reporting a 50 percent drop in earnings on the biggest decline in trading revenue among Wall Street firms. The company said it will cut headcount by 4,000 this year.
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Morgan Stanley climbed in New York trading as first-quarter results beat analysts’ estimates and stock- and bond-trading revenue rose more than at any other major U.S. bank.
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Morgan Stanley reported a 50 percent drop in earnings and said it will cut more jobs as revenue from trading stocks and bonds declined the most among Wall Street banks.
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Morgan Stanley, the sixth-largest U.S. bank, reported third-quarter results that beat analysts’ estimates as revenue from fixed-income trading almost doubled from the second quarter.
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Morgan Stanley rose to the highest in almost three months in New York trading after reporting a smaller fourth-quarter loss than analysts estimated on gains in equities trading.