FierceFinance covers finance industry news with a focus on the major Wall Street firms, including news on Goldman Sachs, Bank of America, Citigroup, Morgan Stanley, the SEC, and more.
Rich getting richer on Wall Street
Most bankers are still basking with the bonuses they received for 2005. With 2006 about half over, speculation is already rife that their next bonus could be even bigger. Total compensation for
American Funds now No. 1 in asset management
Thanks in part to $6.7 billion of fresh funds in April, American Funds now boasts $864.3 billion in assets under management--good enough to push Vanguard to the No. 2 spot with $863.5 billion
Goldman Sachs a buying opportunity?
Analysts remain bullish on Goldman Sachs even as a potentially tricky transition looms. The general view seems to be that the firm will recover from the punishing 11 percent decline from the
Interesting corporate/bank alliance
There was a lot of talk back in the day about corporate venture capital activity. The likes of Intel and others became financial powers given the huge sums they had to invest in start-ups. The
Wall Street firms agree to another settlement
Will this ever end? The latest settlement agreed to by top Wall Street firms involves charges of violated regulations governing the "auction-rate" securities (mainly bonds) market. Bear Stearns,
ALSO NOTED: Quadrangle, Thomas H. Lee announce joint deal; Ethanol to fuel IPO market?; and much more...
Company News:
> Quadrangle, Thomas H. Lee announce joint deal. Article
> Countrywide backs 2006
The ratings implications of stock exchange mergers
Standard & Poor's analysts note that the share prices of some exchanges have surged to the point where the financing of any buyouts will become a ratings issue. They may now require so much
Can the NYSE please the buyside and the floor?
Will the Big Board's plans for a hybrid system work? Traders magazine notes it has been two years since the Big Board filed its plans with the SEC. Since then, the exchange has filed
Goldman Sachs' Paulson to Treasury
Goldman Sachs CEO Henry Paulson follows a long line of distinguished Goldman Sachs alumna to Washington. He is not the first to serve as Treasury Secretary. Robert Rubin, also a former CEO, served
Who is Lloyd Blankfein?
If anyone other than Goldman Sachs COO Lloyd Blankfein becomes CEO of the company, it will be a huge shock. The New York Times notes he has been a key figure in recent years, shepherding
Keefe, Bruyette to go public
We've noted that financial boutiques are hot, hot, hot. The next one to go public just might be Keefe Bruyette & Woods, which specializes in the financial services industry. It joins Evercore
ALSO NOTED: HSBC upbeat on revenue; Exxon shareholder meeting could be a doozy; and much more...
Company News:
> Deutsche Bank Securities names head of equity resource management. Article
> HSBC
$22B buyout offer for gas company
In what would be the largest LBO since the RJR Nabisco deal in 1989, a group of investors that includes Goldman Sachs, the Carlyle Group and Riverstone Holdings is backing Richard Kinder in a bid
Are you ready for weather derivatives?
Trot out all the clichés about choppy trading and whatnot. The weather derivatives market seems to be taking off. At the Chicago Mercantile Exchange, 328,000 contracts were traded between
Research firms take issue with SEC disclosure
The New York Times offers an interesting look at SEC Insight, a firm that sells research to investors based on its careful scrutiny of filings. As of late, the firm charges that the
Who will lead the New York Stock Exchange?
A MarketWatch columnist notes that John Thain has long maintained that he would hold the top job at the New York Stock Exchange for just three-to-five years. He's less than a year away
Top Wall Street banks clamor for private equity IPOs
When Citigroup, Goldman Sachs and Morgan Stanley underwrote the offering in Amsterdam of a fund sponsored by Kohlberg Kravis Roberts, they made nearly $280 million. The deal was a watershed and
