22 Apr 2005 11:59 AM

Two former Merrill Lynch executives were given lighter sentences by the court than sought by the prosecution. James Brown, former head of the Merrill’s asset lease group, was given a sentence of three years and 10 months in prison and a year’s probation. Daniel Bayly, former head of investment banking for Merrill Lynch, obtained a sentence of 2½ years and six months’ probation. Each will have to pay the fines and restitution amounting to $840,000. This contrasts with 15 years for Bayly and up to 33 for Brown demanded by federal probation officers.

22 Apr 2005 10:44 AM

Alan Greenspan warned the U.S. Senate budget committee that the swelling US fiscal deficit will bring the economy to stagnation or recession unless steps are taken to correct it.

22 Apr 2005 10:36 AM

Morgan Stanley is keeping pace with the strikes that follow the bank after the conflict between dissident executives and the company’s CEO Phillip Purcell as its eight-member team from stock-trading operations defected to rival Deutsche Bank AG, according to the Wall Street Journal.

22 Apr 2005 10:25 AM

David Katz, chief investment officer of New York- based Matrix Asset Management, which holds 1.2 million Morgan Stanley shares worth about $60 million, published a letter yesterday urging Morgan Stanley’s board to take necessary measures to settle the issue around the management crisis at the second-biggest U.S. securities firm.

20 Apr 2005 09:58 AM

JPMorgan Chase & Co., the second- biggest U.S. bank, reported today that its first-quarter income rose 17%. Income rose to $2.26 billion from $1.93 billion last year. EPS declined to 63 cents from 92 cents because the bank

20 Apr 2005 02:36 AM

ABN AMRO TO SELL DUTCH BANK NACHENIUS, TJEENK&CO. TO BNP PARIBAS

19 Apr 2005 07:25 PM

The third-biggest bank for Japan Sumitomo Mitsui Financial Group Inc. said Teisuke Kitayama would replace Yoshifumi Nishikawa as president. Kitayama, 58, served in the bank’s planning divisions before the bank appeared as a result of mergers in 1990

19 Apr 2005 05:29 PM

The National Association of Home Builders and the National Association of Realtors are stepping forward in defense of Fannie Mae and Freddie Mac, the two government-sponsored enterprises that are attacked now for

19 Apr 2005 08:28 AM

Philip Purcell, Morgan Stanley’s chief executive, shows signs of willingness to negotiate with dissident executives that demanded ouster of the company’s CEO.

18 Apr 2005 06:11 PM

China’s bank lending is not expected to benefit from the measured fiscal policy as loan demand in the country comes only from local governments and the private sector, according to central bank’s research bureau.

18 Apr 2005 04:42 PM

The European Central Bank will probably leave interest rates unchanched till the end of 2005, some economists say, amid the poorer than expected performance for 12 nations that share euro. The

18 Apr 2005 03:13 PM

China is going to shake its regulatory system for the banking, securities and insurance sectors by the expected launch of fund management companies by a few pilot commercial banks, the financial regulators announced earlier this month.

18 Apr 2005 01:31 PM

JP Morgan, the world’s second-largest bank by assets, conducts an investigation aimed at clearing the situation around the company’s former real-estate executive Michael Weinberg on whether he was involved in any wrongdoing in the awarding of construction contracts.

18 Apr 2005 12:52 PM

Russia once again refused to give foreign banks an access to the Russian banking by allowing them to open filials on Russia’s territory, according to the Russian Central Bank senior official.

18 Apr 2005 10:55 AM

Morgan Stanley faces another trouble in its recent troubles line as its closest rivals started to entice the firm’s best investment bankers.