BNY Mellon Profits Off 37% on Lawsuit Costs, but Pershing Is a Bright Spot
Bank of New York Mellon's Q2 earnings were down due to costs from an investor lawsuit, but the clearing services unit that includes Pershing Advisor Services helped slightly offset that profit loss.
As Morgan Stanley Loses Another Team, Is It ‘Under Siege?’
Troubles, including a downgrade by Moody's, continue for Morgan Stanley.
SEC, FINRA Enforcement Roundup
Broker-dealer Cadaret, Grant fined; alleged $60 million Ponzi scheme targeted; Morgan Stanley in hotseat.
HighTower’s Weissbluth, IA 25 Honoree, Touted on CNBC
Investment Advisor magazine’s IA 25 honoree, HighTower Advisors CEO Elliot Weissbluth, celebrated his selection on CNBC’s “Squawk on the Street” program.
Pain in Spain May Bring No Economic Gain: News Analysis
Bill Gross put Spain's failed bond auction in perspective: “Greece was a zit, Portugal is a boil, Spain is a tumor. You can’t fix a debt crisis with austerity and more debt.”
When the financial system faces a major bankruptcy, one that is large enough to threaten its health, it often makes sense to buy time. Regulators, central bankers, multilateral lenders and governments.
Euro Zone Composite Index Falls
The purchasing managers' index fell to 48.7 in March from 49.3 in February. Economists surveyed by Dow Jones Newswires had expected a rise to 49.6.
Inflation ETFs Unveiled
ProShares launched the ProShares 30 Year TIPS/TSY Spread (RINF) and the ProShares Short 30 Year TIPS/TSY Spread (FINF).
New Fiserv President Cheryl Nash Looks to Stay on Top of Tech Trends
Cheryl Nash says that her understanding of what the client needs has changed vastly since she became the new president of Fiserv Inc.’s Investment Services division two months ago.
BofA Moves to Issue 400M Shares as Stock Weakens
Bank of America said Thursday that it might issue 400 million new shares and disclosed plans to exchange preferred securities for a total of $6 billion of common shares and debt, despite repeated statements by CEO Brian Moynihan that it would not issue new shares.