Goldman Sachs is seemingly going green. Although stopping a little short of saying that it will not work with companies that mess with the environment (that would be bad for business), the Wall Street firm is asking its 24,000 staff to promote eco friendly practices and its clients to be more environmentally sensitive.
The firm has also committed $1bn to invest in projects that generate energy from sources other than oil and gas. Goldman CEO Hank Paulson said that 'it is not our job to dictate to clients what they must do. We won't finance projects that damage the environment, but we won't refuse to underwrite your security or handle your merger because you are not as environmentally strong as we would like'.
According to Reuters, Morgan Stanley is to combine its equity financial services, fixed-income financing and counterparty credit management units in a bid to improve efficiency. The firm also plans to merge its equity and fixed-income research departments.
Finally, former Morgan Stanley bankers Terry Meguid and Joseph Perella are said to be getting ready to open up an investment banking boutique. The new business is likely to open early in 2006, when the non-compete agreements, that the bankers signed early this year, run off.