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Financial Services Top Stories Of The Day – February 5, 2007 February 5, 2007

Posted by notapundit in Economic News.
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STATE STREET TO BUY INVESTORS FINANCIAL

State Street agrees to acquire Investors Financial Services for nearly $4.5 billion in stock in deal that combines two firms providing a variety of services to institutional investors. Deal values the company at a 38% premium. State Street falls 6%.

MORGAN STANLEY HIKES BONUSES FOR MANAGERS

Morgan Stanley is adding 10% to bonuses this year for managers who are able to maintain branches’ growth in commissions and fees. Firm will also allow managers to use up to 25% of pretax income to buy company stock.

CME CONFIRMS MEETING WITH TOKYO EXCHANGE

Officials from the Tokyo Stock Exchange visited the Chicago Mercantile Exchange last week, a CME spokesman says, following reports that the two exchanges are discussing a possible alliance.

CME WINS CFTC OK TO LAUNCH CREDIT DERIVATIVES

Commodity Futures Trading Commission grants permission for CME to list contracts for investors to speculate or hedge their risk on the chance of a bankruptcy for three companies near or below the line that divides investment grade and junk.

NASD FINES 4 FIDELITY BROKER-DEALERS $3.75M

Two months after Jefferies was criticized by regulators for doling out gifts to win mutual-fund trading business, Fidelity Investments has been hit with a $3.75 million fine for accepting them.

NYSE GROUP SWINGS TO 4Q PROFIT

Big Board operator earns $45.5 million, or 29c a share, compared with a year-ago loss of $20.3 million. Results boosted by Archipelago acquisition. Excluding items, it earns 45c a share, a penny shy of expectations.

GOLDMAN’S RYAN TO RUN SECURITIES AT CREDIT SUISSE

Credit Suisse adds a management layer in its ongoing reorganization of investment banking, hiring Goldman Sachs sales veteran Michael D. Ryan to a new position overseeing fixed income and equities securities.

MORTGAGE LENDERS FILES FOR CHAPTER 11

Mortgage Lenders, which caters to borrowers with weak credit, files for bankruptcy-court protection, the latest in a string of subprime home-loan providers to be hit by slowing home sales and rising delinquencies.

CREDIT SUISSE HIRES UK PRIME BROKERAGE PRO

Roy Martins, formerly with Morgan Stanley, will head Credit Suisse’s Delta One derivatives unit in its prime brokerage business in London, reporting jointly to regional prime services head, Simon Yates, and global head, Philip Vasan.

FDIC REPORTS FIRST FAILED BANK SINCE JUNE ’04

Metropolitan Savings Bank, a small $15.8-million-asset Pittsburgh, Pa., financial institution, has failed, Federal Deposit Insurance Corp. says. It is first bank failure since June 2004, the longest stretch without a bank failure since creation of FDIC.

MORGAN STANLEY TAPS SMITH BARNEY, UBS BROKERS

Morgan Stanley has tapped David Green from Smith Barney to oversee its Lansing, Mich., office and has hired a high-revenue broker from UBS in San Francisco.

LEHMAN HIRES UBS’ HITE FOR HEALTH-CARE BANKING

Christopher Hite joins Lehman Brothers to run East Coast health-care investment banking, focused on the life-sciences sector. Hite was recently a managing director at UBS. He will report to Casey Safreno, global head of health-care banking.

H-P TO WITHDRAW NASDAQ LISTING

Hewlett-Packard, one of a batch of New York Stock Exchange-listed companies that three years ago was persuaded to try a ‘dual listing’ on Nasdaq Stock Market, has decided to abandon the program and leave Nasdaq.

SULZBERGERS MOVES ASSETS FROM MORGAN STANLEY

Ochs-Sulzberger family, which controls the New York Times, is moving most of its personal assets from Morgan Stanley after a prolonged campaign by a Morgan Stanley money manager for changes to publishers’ corporate governance.

FORTRESS INVESTMENT TO PRICE THURSDAY

Fortress Investment is set to make its market debut on NYSE next week in what will be first U.S.-listed IPO of an alternative investment manager. Pricing is expected Thursday. Firm intends to sell 34.3 million shares at $16.50-$18.50 a share.

FTC SEEKS PROTECTION OF CONSUMERS WITH HIGH DEBT

Federal Trade Commission says two firms that acted illegally to either collect debts or offer bogus methods to lower debt, based in Florida and Canada, have been shut down. It says it will continue to target such preying activities against high-debt consumers.

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