Citigroup Investigated in Singapore, Morgan Stanley Loses Rainmakers: Financial Business Update
Wells Fargo & Co. (NYSE:WFC) intends to broaden its international presence and obtain regulatory approval to expand its lending and to supply other commercial banking services in Canada.
Citigroup (NYSE:C) reports that its practices concerning Libor are now subject to investigation in Singapore. The development doe not come as a shock since in September, the Monetary Authority of Singapore had ordered banks involved in setting the rate to both review their practices and report any irregularities, although at that time individual firms were not named.
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Underwriters of Triangle Capital Corporation‘s (NASDAQ:TCAP) $70 million note from mid-October offering have exercised their option to buy an additional $10.5 million of paper, which takes the total size of the issue to $80.5 million. The notes commenced trading on the New York Stock Exchange under the ticker TCCA.
Morgan Stanley (NYSE:MS) has seen more of its rainmakers in its wealth management division as a 3-person team moves to UBS. The group managed $423 million. Morgan is currently experiencing difficulties with advisors who are frustrated with tech issues and culture clashes following the merger with Smith Barney.