Like businesses across the financial services industry, clearing firms are feeling the pressure and the strain from the historic market downturn. It is a difficult and competitive business environment for the firms, which are key partners to broker-dealers, clearing and settling transactions for them and their representatives.
Oil prices plunged nearly $3 to below $64 a barrel Monday as dismal unemployment figures from the U.S. and Europe last week sparked investor doubts about any nascent economic recovery.
Wells Fargo & Co. said today it has renamed its investment banking and capital markets businesses as Wells Fargo Securities.
InvestmentNews Daily will not be published Fri., July 3, in observance of the Fourth of July.
“We have been voting proxies for clients for years. Now the SEC is forcing our clients to vote instead. They have no clue what to do and how to vote, so they just throw it away … Thanks to the brilliant minds at the SEC.”
The European Central Bank kept its main interest rate unchanged at a historic low of 1 percent on today amid a deeper than anticipated recession.
A trade group says its measure of the health of the U.S. services economy shrank in May at the slowest pace since October.
Morgan Stanley and Citigroup Inc. said today they closed early on the launch of their joint venture that combines Morgan Stanley's wealth management unit with Citi's Smith Barney brokerage division.
The cost of three-month dollar loans edged up from record lows Wednesday after falling consistently for the past month amid rising hopes that the worst of the global recession has passed.
J. Ezra Merkin, a once-renowned money manager who turned out to be one of fraudster Bernie Madoff’s most important sources of cash, agreed to step down from running his investment funds under an agreement with the New York State Attorney General’s Office.
