Morgan Stanley execs say worst of crisis is over
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The worst of the credit crunch that forced Morgan Stanley to mark down loans and assets by $940 million during the third quarters is over, said Morgan Stanley's incoming chief financial officer Colm Kelleher.
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Morgan Stanley (MWD.N: Quote, Profile, Research) and Bear Stearns Cos. Inc. (BSC.N: Quote, Profile, Research) , two of Wall Street&#39;s biggest
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The Ochs-Sulzberger family said it was withdrawing most of its personal assets, worth hundreds of millions of dollars, from Morgan Stanley.
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Financial leaders from the world's richest nations stood ready to discuss a global policy response to the credit crisis, which has unleashed economic downdrafts and market turbulence that knows no borders.
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Britain and the US are in for a "very severe recession," according to Philippe Jabre. The Geneva-based hedge fund manager, who predicts only a short-lived bounce in stock markets, said that anyone with debt faced problems.
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Morgan Stanley  on Wednesday said third-quarter profit fell as the summertime freeze in mortgage and corporate loan markets forced the bank to mark loans down by $940 million, but shares held their own on optimism that financial markets may be starting to revive.
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The worst of the banking crisis  resulting from the subprime meltdown is likely to be over in  months rather than quarters, Credit Suisse  Chief  Executive Brady Dougan was quoted as saying on Saturday.
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The worst of the banking crisis resulting from the subprime meltdown is likely to be over in months rather than quarters, Credit Suisse  Chief Executive Brady Dougan was quoted as saying on Saturday.
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Undoing a technology outsourcing deal set in late 2002, J.P. Morgan Chase yesterday said it would take back 4,000 of IBM's employees who have been providing the Wall Street firm with an array of technology support services.
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Investor's Business Daily - Bill Gross, chief investment officer at Pacific Investment Management Co., or PIMCO, said the subprime mortgage crisis will hurt the economy and force the Fed to cut interest rates by year-end. &quot;The subprime crisis is not an isolated event and it won&#39;t be contained by a few days of headlines in the New York Times,&quot; said Gross, who manages the world&#39;s biggest bond fund. He said subprime woes will reduce consumption and new-home building over the next 12 to 18 months.
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Morgan Stanley , the second-largest investment bank by market value, said on Tuesday it would spin off its Discover credit-card division and posted better-than-expected quarterly results on strong banking and trading.
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Morgan Stanley follows Lehman Brothers' lead and reports a small fall in three-month profits.
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Once Wall Street stalwarts, the future of Merrill Lynch and Morgan Stanley are now being questioned - a sign of the broad changes in the financial landscape in recent years.
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Wall Streetâs first reports since this summerâs credit storm revealed extensive damage, but better-than-expected earnings this week from four brokerage firms offered some comfort.
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Stock index futures erased most losses on Wednesday after investment bank Morgan Stanley  said it will receive a capital injection of about $5 billion from China.
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Wall Street ended a volatile session mixed on Wednesday as investors wrestled with a troubling outlook for bond insurers and a $9.4 billion write-down at Morgan Stanley.
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Morgan Stanley  is cutting about  1,000 jobs in the coming week, part of efforts to trim costs  ahead of what it expects will be a tougher business  environment, a person briefed on the moves said on Thursday.