Wall Street

Stories 621 - 640 | << Prev   Next >>

Merrill Deal Yields $6.2B in Capital

Bank sells discounted stock to investors, sells division to GE

(Newser) - With another quarter of massive writedowns looming, Merrill Lynch today announced a deal to raise up to $6.2 billion by selling discounted stock to two investors. Up to $5 billion will come from Temasek Holdings, Singapore's state-owned investment company. The other $1.2 billion comes from money managers Davis...

Goldman Sachs Awards CEO $68M Bonus
Goldman Sachs Awards CEO $68M Bonus

Goldman Sachs Awards CEO $68M Bonus

Blankfein nets huge payday after bank avoids subprime tank

(Newser) - Goldman Sachs gave CEO Lloyd Blankfein a $67.9 million bonus for 2007, believed to be one of the largest such payouts in history, MarketWatch reports. The bonus includes $26.8 million in cash and $41.1 million in stocks. Goldman succeeded this year while rivals foundered in the subprime...

Classmates.com Fails to Score IPO
Classmates.com Fails to
Score IPO

Classmates.com Fails to Score IPO

Company losing popularity contest to Facebook, analysts say

(Newser) - Classmates.com received an early dismissal today after its owners withdrew a planned IPO for the social networking site. United Online cited turbulent market conditions, but analysts say the real reason is waning popularity of the site and its overpriced offering. The interest in IPOs is there, one analyst explained,...

Death Airs Hedge-Fund Excesses
Death Airs Hedge-Fund Excesses

Death Airs Hedge-Fund Excesses

Drowning unleashes rumors of coke binges, male strippers and murder

(Newser) - The legal wrangling that has followed the September death of hedge fund manager Seth Tobias in his Florida swimming pool is sensational enough, the New York Times reports—his wife says he drowned; Tobias' brothers accuse his wife of murder—but details of the high living bankrolled by high finance...

New 'Petascale' Computers Will Speed Up Science

Machines accelerate advances in climate change, geology, drug development research

(Newser) - A new generation of "petascale" supercomputers capable of 1,000 trillion calculations per second—about twice the current standard—will start running next year, and the power could not only accelerate scientific discovery but also change the scientific method itself, the Washington Post reports. "We can now do...

Computers Thin Ranks of NYSE Floor Traders

Iconic backdrop 'dead' as shares trade electronically

(Newser) - The famously frenetic NYSE trading floor is rapidly becoming history as more efficient computer trading replaces human traders. With most of the exchange's trading rooms shuttered, only two trading halls stay open to the 1,500 remaining traders, whose numbers are dwindling, AFP reports. "The floor as we knew...

No-Frills Chain Has CEO to Match
No-Frills Chain Has CEO
to Match

No-Frills Chain Has CEO to Match

Costco's Jim Sinegal wins loyalty of his workers, customers

(Newser) - With his hot-dog lunches, second-hand desk, and disdain of ties, Jim Sinegal of Costco is not your typical Fortune 500 CEO. But the 71-year-old's steadfast devotion to the company's no-frills business plan and generosity to employees has helped make Costco a formidable player in the retail business, writes the Seattle ...

Morgan Stanley Dumps Cruz Over Subprime

One of Wall Street's most powerful women is latest casualty

(Newser) - Morgan Stanley co-president Zoe Cruz has joined the ranks of subprime casualties, after the broker suffered $3.7 billion in mortgage-related losses in the first two months of the fourth quarter. Insiders said her leadership style and her 2005 backing of unpopular CEO Philip Purcell, who eventually was ousted, also...

The 'R-Word' Surfaces on Wall Street
The 'R-Word' Surfaces on Wall Street

The 'R-Word' Surfaces on Wall Street

'Odds of a recession are pretty damn high,' says analyst

(Newser) - Wall Street has the recession jitters: Markets are down 10% since October, the S&P 500 is down as analysts predict depressed earnings, and T-bills are down on anticipated Fed rate cuts. But there’s a flip side: Holiday sales gained 8.3% over 2006, unemployment is at 4.7%,...

Goldman Leads Wall Street Bonus War
Goldman Leads Wall Street Bonus War

Goldman Leads Wall Street Bonus War

Under pressure to keep talent, losing firms shell out big

(Newser) - The Big Five Wall Street securities firms will pay $38 billion in bonuses this year—up from $36 billion last year—while shareholders tote up $74 billion in losses, their worst year since 2002, Bloomberg reports. All but Goldman Sachs lost more than 20% of their market value, says an...

Street Foresees Very Good Year
Street Foresees Very Good Year  

Street Foresees Very Good Year

Amid chaos, $28B in earnings marks the second best in history

(Newser) - Despite $45 billion in subprime writedowns, rolling CEO heads, and an $84 billion drop in market value, Wall Street will somehow post its second-most-profitable year ever, reports Bloomberg. “As the bombs are dropping and the mines are exploding, it's a bit of a surprise,'' said an investment banker....

Wall Street Bonuses In for a Fall
Wall Street Bonuses In for a Fall

Wall Street Bonuses In for a Fall

Extra pay could drop in half for some senior bond traders

(Newser) - Wall Street's multi-million-dollar bonuses are likely to take a hit for the first time in five years, with extra pay dropping in half for some senior sellers of mortgage-backed securities, according to the Wall Street Journal. Traders in stocks and commodities are expected to do better than those working with...

Rubin Named Chairman of Citigroup
Rubin Named Chairman of Citigroup

Rubin Named Chairman of Citigroup

Prince out; company to report $8-11B more in writedowns

(Newser) - Citigroup CEO and Chairman Charles Prince resigned today, clearing the way for former US Treasury Secretary Robert Rubin to be named chairman, the Wall Street Journal reports. Sir Win Bischoff was named interim chief executive. Citigroup also plans to report $8-$11 billion in mortgage-related writedowns, on top of the $2....

Prince to Resign From Citigroup
Prince to Resign From Citigroup

Prince to Resign From Citigroup

CEO takes 'very unusual move' after bleak third quarter earnings and SEC probe

(Newser) - Growing pressure on Citigroup Inc. is prompting CEO Charles Prince to end his four-year rein this weekend. Bleak third-quarter earnings and an SEC probe of Citigroup's accounts have amped up existing frustration at the financial services company. Prince has "stepped up and done the right thing without forcing the...

How to Weather a Roman &aacute; Clef
How to Weather a Roman á Clef

How to Weather a Roman á Clef

What do you do when the villain in your ex-employee's novel seems awfully familiar?

(Newser) - Lauren Weisberger's thinly veiled tell-all, The Devil Wears Prada, raked Vogue editor-in-chief Anna Wintour over the coals. Wall Street speared Ivan Boesky. Survive an embittered underling's shenanigans with these tips from Portfolio:
  1. Request an advance copy from the author, not the publisher.
  2. Get together with your legal and PR teams.
...

Embattled Merrill Chief Stepping Down

O'Neal will announce departure; Fink leading contender for CEO

(Newser) - Merrill Lynch CEO Stan O’Neal has decided to step down, the Wall Street Journal reports, after days of speculation about his likely ouster following $8 billion in writedowns for the bank, and reports that he had discussed a merger with Wachovia without board authorization. The list of potential successors...

Shake-up Rocks I-Banking Unit After Deep Losses

Bank of America hires new unit president, announces lay-offs

(Newser) - After last week’s dismal report card for its investment arm, Bank of America replaced that unit’s president and announced a slate of reforms to recharge the business. Gene Taylor abruptly retired and will be replaced by Brian Moynihan, the bank’s president of Global Wealth and Investment Management,...

Amazon Reports Large Increase in 3Q Sales

Despite 313% jump, stock drops in after-hours trading

(Newser) - Amazon reported strong increases in third-quarter sales, citing once again its low pricing and free shipping for success. But investors may have been hoping for an even larger increase, because Amazon's share prices fell over 8% in after-hours trading. The company netted a profit of $80 million for the quarter,...

Note to Dems: Use Health Care to Woo Business

American Prospect says reform key to pilfering GOP support

(Newser) - The GOP is losing its grip on the big-business vote, and Democrats need to seize the opportunity to move in, argues the American Prospect's Paul Waldman. Health-care reform is the perfect peg for the left to woo Wall Street, and with single-payer systems far cheaper than the current mess, wise...

Economy Slows, Stocks Surge: What Gives?

'Teflon investors' are relying on the good news

(Newser) - Stocks are surging while classic indicators are signaling slump — so what gives? The answer, reports the Washington Post, lies in a bright jobs report and spiking Standard & Poor's 500-stock index. Backers are dissing the bad news as fast as they can finance, says the Post: "Call them...

Stories 621 - 640 | << Prev   Next >>