The Buzz
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Don't look now. Bank stocks are rallying
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 MORE
Paul R. La Monica - Aug 20, 2012 2:11 PM ET -
Slightly larger bonus checks expected on Wall Street
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%, MORE
Maureen Farrell - Aug 17, 2012 11:21 AM ETPosted in: Bank of America, big banks, citigroup, compensation, Goldman Sachs, JPMorgan Chase, Morgan Stanley, paychecks, Wells Fargo -
George Soros buys Facebook stake; flees bank stocks
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 MORE
Maureen Farrell - Aug 14, 2012 7:13 PM ET -
Banks behaving badly
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 MORE
Paul R. La Monica - Aug 7, 2012 12:55 PM ETPosted in: banks, Barclays, citigroup, Goldman Sachs, HSBC, JPMorgan Chase, Morgan Stanley, standard chartered -
UBS lost $356 million on Facebook, suing Nasdaq for it
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 MORE
Hibah Yousuf - Jul 31, 2012 2:16 PM ET -
Banks are boring. Hip hip hooray!
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 MORE
Paul R. La Monica - Jul 16, 2012 12:26 PM ET -
Wall Street's game of musical chairs
Wall Street has been playing a game of musical chairs, and the tempo is picking up.
From UBS to Deutsche Bank to JPMorgan Chase to Citigroup, executives are hopping to rival banks at a rapid clip. With low trading volume and tough market conditions, many chairs are also vanishing when the music stops.
Among the lost chairs so far: Mitch Moore, the global head of UBS's (UBS) prime brokerage unit, resigned last MORE
Maureen Farrell - Jun 18, 2012 1:50 PM ET -
Hey Citigroup: Morgan Stanley wants more of Smith Barney
Morgan Stanley (MS) is upping its stake in the wealth brokerage unit it has shared with Citigroup (C) since the two firms struck a deal in 2009 to merge their divisions.
Early Thursday, Morgan Stanley said it plans to buy a 14% stake in Morgan Stanley Smith Barney, which was created out of a merger between Citi and Morgan's wealth management units. Morgan Stanley already owns 51% of the business MORE
Maureen Farrell - May 31, 2012 11:01 AM ET -
Robots lose $20 million on Facebook IPO
Citigroup's Automated Trading Desk had trading loses of $20 million on Facebook's (FB) initial public offering, according to Reuters.
ATD, which Citi (C) bought in 2007, is a firm that deals in computer-driven, high frequency trading. It doesn't make robot traders ... yet.
"We taught computers to trade like humans, at unprecedented speeds, with no coffee breaks," ATD said on its website.
Despite their speed and superior work ethic, these computers were not smart MORE
Ben Rooney - May 25, 2012 3:38 PM ET
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