prime brokerage news from FierceFinance

Truth be told, the movement toward multiple prime brokers was underway even before the credit crunch started to take its toll on hedge funds. The attention to the movement, of course, went way up as... Read more...

Goldman Sachs (GS) and Morgan Stanley (MS) were apparently the top two prime brokerages that served the now disgraced Galleon hedge fund, run by the tainted Raj Rajaratnam. The Financial Times... Read more...

Is this the beginning of the end for Citi as a national retail power? You certainly can't fault it for wanting to scale back in areas where it has a small presence, such as Boston, Philadelphia and... Read more...

We've noted that a lot of jockeying is going on in the prime brokerage market. The likes of JPMorgan Chase, Deutsche Bank and Barclays are rising up to challenge the big two, Goldman Sachs and... Read more...

The conventional wisdom in most quarters is that all the FICC profits that we've seen this year have no place to go but down. Spreads will narrow as more competitors stream in, and we're seeing lots... Read more...

At the nadir of the credit crunch, the conventional wisdom was that the prime brokerage business was going to fade. Most assumed that Goldman Sachs and Morgan Stanley, as bank holding companies, were... Read more...

Morgan Stanley reported a fourth-quarter loss of $2.24 per share ($2.3 billion), which was much worse than the 35 cents analysts were predicting. Earnings were weak across the board. Fixed income... Read more...

In addition to the 10 percent job excision earlier this year, Morgan Stanley intends to cut another 10 percent across is institutional securities business and almost 10 percent in its asset... Read more...

Goldman Sachs' shares are at a five-year low and most people now assume that the bank will post its first quarterly loss as a public company. The talk now centers on whether a big capital raise is in... Read more...

The prime brokerage business is morphing as we speak. The free flow of leverage has been drastically reduced and that is leading Goldman Sachs--a premier prime broker along with Morgan Stanley--to... Read more...