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April 20, 2012
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News on the capital markets, securities and financial industry

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  • Gorman says banks are stable but global recovery is still fragile
    James Gorman, chief executive officer of Morgan Stanley, lauded the bank's quarterly results as being consistent and solid across all its businesses. Gorman also discussed the fragile global economic recovery, but said he believes the U.S. is recovering better than most people think. CNBC (4/19) LinkedInFacebookTwitterEmail this Story
  Industry News 
  • Wall Street firms report vastly different Q1 results
    Morgan Stanley reported Thursday that its first-quarter revenue on fixed income, currency and commodities came in at $2.6 billion, up 34%. Goldman Sachs, though, reported a 20% drop, to $3.4 billion, on those business lines. Although there are many factors that could explain the disparity, investors simply don't definitively know what caused those results. The Wall Street Journal (4/19), Financial Times (tiered subscription model) (4/19) LinkedInFacebookTwitterEmail this Story
  • Cross-border banking starts to unravel
    Before the global financial crisis, cross-border banking was growing rapidly, with European banks taking the lead during an era of internationalization. Now, lenders are retreating from cross-border business as their willingness and ability to compete falter. The Economist (4/21) LinkedInFacebookTwitterEmail this Story
  • Old loan-buyback requests continue to weigh on BofA
    Bank of America reported solid first-quarter results as trading in currencies, interest rates and bonds helped bolster earnings. However, the bank continues to face issues related to old loans it sold to private investors, Fannie Mae and Freddie Mac. In the first quarter, the bank received nearly $5 billion in requests to repurchase such loans. CNBC (4/19) LinkedInFacebookTwitterEmail this Story
  • Analysis: Wall Street is on a roll
    Wall Street appeared to be in for a tough time this week as regulators, politicians, investors and other market observers raised concerns about industry practices. However, the financial industry has weathered the storm well, coming out ahead in many instances. The Wall Street Journal (4/19) LinkedInFacebookTwitterEmail this Story
  Washington Roundup 
  • TARP watchdog warns about complacency over financial sector
    Christy Romero, special inspector general for the Troubled Asset Relief Program, said regulators and the public are too complacent about the possibility of another financial crisis. "We are letting our guard down against things like moral hazard and 'too big to fail' banks," Romero said. "And that causes me great concern." The Wall Street Journal (4/19) LinkedInFacebookTwitterEmail this Story
  • SEC's plan to reform money market mutual funds faces opposition
    The Securities and Exchange Commission is working to overhaul rules governing money market mutual funds, prompting concerns among corporate treasurers. Nearly 80% of treasurers said in a survey that they will decrease use of such funds if the U.S. regulator forces them to abandon the $1 share price. "The large cross section of treasurers surveyed gives this report the 'voice of the treasurer' -- a voice that spoke out with an overwhelmingly negative response to each reform concept," said Cathy Gregg, a partner at Treasury Strategies, which conducted the survey. Bloomberg (4/19) LinkedInFacebookTwitterEmail this Story
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  • SIFMA Tech Leaders Forum 2012 -- New York City, June 19-21
    At the SIFMA Tech Leaders Forum 2012, participants will have the opportunity to hear the latest technology trends from the industry's top experts. Discover in-depth analysis of critical developments in our content-rich conference program. Topics include: Cyber Security, Derivative Trading, Cloud Computing, Program Management, Privacy and Information Security, Social Media, Legal Entity Identifier, Risk Management, Mobile Technology and Smart Devices, Evolving Regulatory Reform, Creating Efficiencies and Making Tech Dollars Count, and much more! This is a must-attend event for senior-level technology and operations, legal and regulatory, compliance, risk, trading and strategic development professionals. Register today. LinkedInFacebookTwitterEmail this Story
  • Participate in SIFMA's 2012 Compensation Surveys
    Sign up now to participate in SIFMA's two annual industry compensation surveys: Management & Professional Earnings in the Securities Industry (exempt employees); and Office Salaries in the Securities Industry (non-exempt employees). Employee compensation typically accounts for about 60% of non-interest expense and is a critical factor in firm profitability. These reports include information on current-year base salary (as of May 1) as well as prior-year base salary, bonus and "other" cash compensation for 240 and 96 industry-specific positions, respectively. To participate, simply return the "Invitation to Participate" form for Management & Professional Earnings in the Securities Industry and/or Office Salaries in the Securities Industry to Nancy Cosentino by June 15. Any questions, please contact Nancy Cosentino at ncosentino@sifma.org or 212-313-1215. LinkedInFacebookTwitterEmail this Story
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