Swiss bank Credit Suisse Group today reported a 29 percent increase in second quarter net profit after a strong performance in its investment unit drove up core revenues.
Investors celebrated news of another jump in home sales by propelling the Dow Jones industrials to their first close above 9,000 since January.
Morgan Stanley says its net loss after payment of preferred dividends was $1.26 billion, or $1.10 per share, compared with earnings of $1.06 billion, or $1.02 per share, a year earlier.
Wells Fargo has joined other big banks in reporting significant second-quarter results, with a 47 percent rise in profit helped by its acquisition of Charlotte, N.C.,-based Wachovia Corp.
If the market decline of the past year or so has taught the investing public anything, it's that professional investment advice — whether from top Wall Street gurus, mutual fund managers or financial advisers — doesn't ensure success.
Hedge funds came back with a vengeance during the three-month period ending June 30, posting the industry's best performance since the fourth quarter of 1999, according to Hedge Fund Research Inc. in Chicago.
Second-quarter profit plunged 76 percent at U.S. Bancorp as credit costs rose and it repaid a government loan. But the results still beat Wall Street expectations as net revenue hit a quarterly record and the stock rose nearly 4 percent today.
Investment manager BlackRock Inc. said Tuesday its second-quarter profit tumbled 20 percent, but its earnings still surpassed analysts' expectations.
Hedge fund managers and corporate boards received low marks with regard to ethical behavior in a recent survey of financial-industry professionals.
Finra is conducting a sweep to gather information from a number of broker-dealers that sold private securities of Medical Capital Holdings Inc., which the Securities and Exchange Commission last week charged with securities fraud.
