Morgan Stanley will pay $490,000 to settle U.S. Commodity Futures Trading Commission claims that the company’s Smith Barney unit violated rules including those governing secured funds of foreign futures and option customers, and commingling customer and firm funds.
Paul Muoio, author of a daily note to customers on macro futures strategy since 1998, is leaving his job as regional head of futures for North America at Citigroup Inc. in New York at the end of the month to manage his own money, he said.
The executive suite at Citigroup Inc.’s headquarters in New York where Michael Corbat has his office hasn’t been renovated since its previous occupant, Vikram Pandit, vacated the premises in October 2012.
Citigroup Inc. won dismissal of a lawsuit by former Wall Street banker William Salomon, son of the founder of Salomon Brothers, who blamed the bank for his personal secretary’s theft of more than $1 million.
Treasury 10-year notes fell for a second week in the first back-to-back losses this year amid bets the Federal Reserve will push on with bond-buying cuts, viewing the strength of the economy as being masked by harsh weather.
Citigroup Inc.’s $4.7 billion pretax writedown of its Morgan Stanley Smith Barney stake probably won’t reduce a profit-sharing plan’s award for Chief Executive Officer Vikram Pandit that could total $24 million.
The pitch was enticing. At a time when the Standard & Poor’s 500 Index had suffered a decline of 41 percent in the previous three years, Morgan Stanley was offering its clients the possibility of some relief.