Nasdaq defended its proposed $62 million compensation plan for firms hurt by its botched IPO of Facebook (FB).
In a letter sent to the Securities and Exchange Commission late Wednesday, Nasdaq (NDAQ) called the payout "fair and equitable."
The exchange operator told the SEC that, by law, it only owes trading firms, or so-called market makers, $500,000 based on SEC limits. "The proposed accommodation pool goes well beyond what is required under current MOREMaureen Farrell - Sep 20, 2012 2:17 PM ET
Citigroup said it expects to book an after-tax loss of $2.9 billion from the sale of its remaining 49% stake in Smith Barney to Morgan Stanley.
The disclosure, made in an SEC filing Tuesday afternoon, came after Morgan Stanley and Citigroup disclosed the value of Morgan Stanley Smith Barney, the wealth brokerage unit they had shared since 2009.
At $13.5 billion, the valuation represents a big win for Morgan Stanley, which had MOREMaureen Farrell - Sep 11, 2012 12:37 PM ET
The bank stock surge continues.
Investors, high on pledges from the European Central Bank to buy more sovereign bonds and better-than-expected U.S. employment numbers, grew euphoric on what those moves could mean for banks' profits.
Bank stocks, including JPMorgan Chase (JPM), Bank of America (BAC), Goldman Sachs (GS), and Citigroup (C), shot up roughly 4% Thursday.
It was also a hot topic on StockTwits, where at least one tweeter was keen to point MOREMaureen Farrell - Sep 6, 2012 2:39 PM ET
Nasdaq can't seem to put the Facebook IPO debacle behind it.
Shortly after the botched IPO, Nasdaq proposed a $40 million settlement to compensate brokers who were affected by trading glitches on Facebook's opening day (May 18).
Nasdaq (NDAQ) upped that figure to $62 million in mid-July, and Nasdaq CEO Bob Greifeld called it "definitive" during a July 25 conference call with analysts.
Citigroup (C) and UBS (UBS) have come out swinging. In MOREMaureen Farrell - Aug 23, 2012 12:33 PM ET
The market was mostly lower on yet another sleepy August day of trading. But bank stocks were among the more notable standouts. Bank of America (BAC) and JPMorgan Chase (JPM) were two of the better performers in the Dow. Morgan Stanley (MS) and Goldman Sachs (GS) were each up more than 1.5% And Citigroup (C) had gained more than 2%.
The big banks have been riding a hot streak for the MOREPaul R. La Monica - Aug 20, 2012 2:11 PM ET
Paychecks for executives and top employees at the world's largest financial institutions are expected to get only a little bit bigger in 2012.
Compensation at the big banks will remain far below the highs of 2007, but overall, top executives could see paychecks and bonuses jump by as much as 10% in 2012.
Compensation consulting firm Johnson Associates projects that overall pay will hover between remaining flat and increasing up to 10%, MOREMaureen Farrell - Aug 17, 2012 11:21 AM ET
Even billionaire George Soros caught Facebook (FB) fever this spring.
The hedge fund manager purchased 341,000 shares of the social media company during the second quarter, according to SEC filings.
Hedge fund managers aren't forced to specify when during a quarter they purchased stakes in various firms. Still, it's safe to say that the investor who infamously made $1 billion shorting the British pound is under water on his Facebook bet.
Related: Warren MOREMaureen Farrell - Aug 14, 2012 7:13 PM ET
The opinions expressed in this commentary are solely those of Paul R. La Monica. Other than Time Warner, the parent of CNNMoney, and Abbott Laboratories, La Monica does not own positions in any individual stocks.
Happy days are here again for the stock market. If you love round numbers, then today is your day. The Dow is back above 13,000. Nasdaq has vaulted above 3,000 again. And the S&P 500 has MOREPaul R. La Monica - Aug 7, 2012 12:55 PM ET
UBS said Tuesday that it lost $356 million on Facebook's IPO due to Nasdaq's trading glitches during the company's market debut in May -- and it plans to sue the stock exchange for every cent of it.
"UBS's loss resulted from NASDAQ's multiple failures to carry out its obligations, including both opening the Facebook (FB) stock for trading and not halting trading in the stock during the day," said UBS in MOREHibah Yousuf - Jul 31, 2012 2:16 PM ET
It's a good thing that Citigroup (C), JPMorgan Chase (JPM) and Wells Fargo (WFC) still do some good, old-fashioned retail banking. The Wall Street business stinks.
Citi reported a better-than-expected second quarter profit Monday -- despite year-over-year declines in investment banking as well as equity and fixed income trading. Shares were up on the news, following a nearly 5.5% pop for Citi on Friday on the back of JPMorgan's kitchen sink MOREPaul R. La Monica - Jul 16, 2012 12:26 PM ET
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