Money Stuff
Banks.
"Morgan Stanley reported $908 million in fourth-quarter profit and a revenue gain that exceeded analysts’ estimates as equity trading rose and expenses fell ." Here are the press release and presentation , which grades "Progress in Fixed Income and Commodities ROE" as "Failed to meet objective: Initiated major restructuring." There’s also a slide on "Continued Compensation Expense Discipline," good times.
Elsewhere, "Bank of America Corp. said its fourth-quarter profit rose 9% , thanks in part to growth in its consumer bank and trading revenue holding up despite tough market conditions." Here are the press release , presentation and financial supplement .
In head-to-head Bank of America vs. Morgan Stanley news , "The No. 1 brokerage in the country for most of the past decade, Merrill is now at risk of slipping to No. 2 behind Morgan Stanley in terms of annual revenue." Also perhaps in terms of fun: Merrill and Bank of America was an uneasy marriage from the start. Merrill brokers prized their independence and feared their pay and autonomy would be scaled back under the ownership of a firm that boasted of being “the Wal-Mart of banking.” Gone are the holiday parties of the precrisis Merrill, and the international unit was sold to a Swiss firm, which means overseas travel to see clients has been curtailed. Oil.
There’s apparently too much of it : Global oil markets could “drown in oversupply,” sending prices even lower as demand growth slows and Iran revives exports with the end of sanctions, according to the International Energy Agency. And "there is some concern the Iranians can pull a rabbit out of the hat and pull out bigger volumes," says a strategist . You might think that having more of a necessary commodity would be good, but here is Paul […]
