One of Morgan Stanley’s top bankers is moving from New York to London in a clear sign that the City is winning its campaign to prevent a clampdown on the industry by politicians... more
Goldman fraud claims: At least nine other Wall Street banks created investment funds similar to those that see Goldman Sachs fighting fraud charges... more
Construction: Quarrying group Ennstone is attempting to dig itself out of a hole in the new year by bringing in an insolvency accountant as its new executive chairman... more
Few people in Britain have taken too seriously the claims by US Nobel economics laureate Paul Krugman and other luminaries that Gordon Brown's recapitalisation of the banks means he is a global superhero... more
"How poor are you?" That's what formerly rich guys ranging from hedge-fund kings and tech pioneers to bankers and trust-fund heirs are now asking each other at dinners around town. ... more
Banking: As Congressmen assembled to debate whether Hank Paulson's controversial bill to bailout the banks should be passed, the historic Wells Fargo bank agreed to buy America's fourth biggest bank, Wachovia, for $15 billion... more
Wall Street drinking dens were engulfed with panic and despair at US politicians as traders drowned their sorrows following the bail-out collapse... more
Following the failure yesterday of the US rescue plan, Wall Street plunged, dragging everyone else with it. When the dust settles, we may find life has changed for good... more
Citigroup saved US bank Wachovia from almost certain bankruptcy as the worst financial crisis since the Great Depression wreaked more havoc on Wall Street... more
It can’t be much fun being John Mack at the moment. The famously aggressive boss of Morgan Stanley — “There’s blood in the water, let’s go kill,” is one of his exhortations — is clearly struggling to come to terms with the dire situation that confronts him... more
Talk of a merger between Wall Street titan Morgan Stanley and US retailer bank Wachovia could end up being a three-way deal with a state-backed major Chinese investor... more
There was a timely reminder in a published progress report yesterday that a substantial chunk of Equitable Life is not only alive but still able to kick.... more
Economics: The US unemployment rate has shot up to near-five year highs, marking the clearest sign yet that the world's biggest economy is now in full-blown recession... more
Authorities in San Diego in southern California are looking to make their city a mortgage "foreclosure sanctuary", and are suing home lenders Bank of America and its recent acquisition Countrywide to help carry out the plan... more
On Monday, Richard Fuld was staring into the abyss as rumours swirled around the bank he built. So where did he find the strength to face down the sceptics?... more
Afternoon:
8°c
