It's getting tougher at the top.
On paper, Glenn Hadden seemed to be the ideal person to run a large bond trading operation at Morgan Stanley when he was hired in early 2011. Hadden, a former Goldman partner, was one of the most profitable bond traders on Wall Street.
Skandia International's Wealth Sentiment Monitor found that the global average "happiness income" is around $161,000 for the 13 countries it surveyed.
Barclays vowed on Thursday to fight a proposed $470m fine from United States regulators who accused the British bank of manipulating rates in California’s energy markets.
Bank of America and UBS have reached agreements with the Italian region of Lombardy to settle a dispute involving derivatives linked to $1bn of bonds.
If the past is any guide, the U.S. Securities and Exchange Commission will probably hold off on its threat to sue SAC Capital Advisors LP until prosecutors determine whether they can build a criminal insider-trading case against the hedge fund’s founder, Steven A. Cohen.
The Securities and Exchange Commission has charged a Connecticut-based business executive with insider trading ahead of the sale of Patriot Capital Funding Group based on nonpublic information he learned at the helm of a firm involved in the bidding process.
Two former chief executives of HBOS, the bank rescued by Lloyds in 2008, have admitted that "stress tests" carried out by the company before its near collapse failed to identify the risks being taken in its corporate division.
Another UBS ?
Wall Street’s reputation will remain 'in the doghouse' as long as trading scandals continue to plague the industry, Morgan Stanley Chief Executive Officer James Gorman said.
Houlihan Lokey has announced that it has agreed to acquire McQueen Limited (McQueen), a London-based independent advisory firm that provides corporate finance and other strategic advisory services to clients in the consumer sector. The agreement was signed on July 20 and is expected to close following regulatory approvals.
Citigroup has hired John Lowrey to be global head of cash electronic execution as the bank invests in a stock-trading business ranked last by revenue among the five largest Wall Street firms.
A federal judge rejected HSBC's bid to dismiss a U.S. lawsuit claiming that its failure to perform its duties as trustee for $2.37bn of residential mortgage-backed securities contributed to the downfall of five federal credit unions.