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BlackRock’s Merrill acquisition pays off
BlackRock Inc. posted a whopping 176% jump in first-quarter net income as demand for its products has improved following its merger with Merrill Lynch & Co. Inc.'s asset management unit last year.
Bank of America books 5% profit
Bank of America Corp. recorded a 5% increase in first quarter net income, as fee income rose despite a challenging credit environment.
Citigroup hedge funds chief resigns
Less than a week after Citigroup Inc. agreed to purchase Old Lane LP and tap Vikram Pandit, its founder, to become head of Citi Alternative Investments, Citigroup’s Dean Barr has resigned as head of liquid markets.
Merrill’s profits surge 31% in first quarter
Merrill Lynch & Co. Inc.'s first-quarter profits increased 31% from a year ago, when it took a charge related to its acquisition of BlackRock Inc. the company reported today.
Lehman names Asia vice-chairman
Lehman Brothers Holdings Inc. has appointed Kunho Cho as its first Asia-based vice chairman, according to published reports.
Amvescap chief’s pay cut after protests
Amvescap PLC chief executive Martin Flanagan's 2006 pay package was less than half of his compensation in 2005, according to a Financial News report.
Knight Capital’s profits plunge
Knight Capital Group Inc. posted a 35% drop in first-quarter profits on lower revenues and a loss from discontinued operations, falling short of analysts estimates.
JPMorgan Chase books record profits
JPMorgan Chase & Co. posted a 55% increase in quarterly earnings, energized by gains in its investment banking and asset management businesses.
Morgan Stanley hires Asia investment boss
Morgan Stanley has hired Blair Pickerell as its managing director and head of investment management for Asia, according to published reports.
State Street boasts profits hit highpoint
State Street Corp. posted an 11% increase in net income on stronger servicing and investment management fees, which boosted revenue to a record level.
Schwab profits rise 12%
Charles Schwab Corp. posted a 12% increase in net income for the first quarter, as new customers increased assets in client accounts.
Wachovia adopts changes to board election
Wachovia Corp. shareholders have approved two proposals by the company's board that will affect how directors are elected and how often.
Mellon posts juicy first quarter
Mellon Financial Corp. reported a 22% increase in first-quarter profit after an acquisition helped boost its assets over the $1 trillion mark.
Jefferies books record banking revenues
Jefferies Group Inc. announced record quarterly investment banking revenues, net revenues, net earnings, and earnings per share, according to a statement released today.
Wells Fargo sees 11% profit hike
Wells Fargo & Co. posted an 11% increase in first-quarter profit, resulting from growth in lending and a higher-net interest margin, which set off increasing credit losses.
TD Ameritrade takes 2Q fall
TD Ameritrade Holding Corp. posted an 18% drop in second-quarter net income today, one year after the company recorded its largest one-time gain.
Smith Barney not for sale, executive says
Along with the layoffs and cost cutting unveiled last week by Citigroup Inc. came rumors that the company’s Smith Barney brokerage unit was destined for a spinoff.
Morgan Stanley wins reps over
A year after taking over retail at Morgan Stanley — amid much skepticism — James Gorman has made believers out of most of the firm’s troops.
Fundamental differences over Schwab funds
Charles R. Schwab last week called the fundamental indexes underlying his company’s three newest mutual funds “a better mousetrap,” but The Vanguard Group Inc. and Barclays Global Investors smell a rat.
Merrill bars non-clients from research
Merrill Lynch & Co. analysts are mad as hell that people are simultaneously belittling and stealing their investment ideas, according to Crain's New York Business.
