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Morgan Stanley (NYSE:MS) might close as many as 100 offices in its retail brokerage division and let support staff go as well if a cost reduction scheme goes through, according to Reuters. It’s not known yet how many jobs will be eliminated, but the firm has already cut the number of regions from 19 to 12 at the operations during the past several months.
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The Federal Reserve, the United States Treasury, and the Justice Department are all said to be ‘surprised’ by the State of New York’s public airing of Standard Chartered’s (SCBFF) alleged deals with Iran. The above three entities are also investigating the bank and some of those involved are unhappy that the State acted on its own, but New York reportedly grew impatient with the slow pace (or inaction) of the others. If the charges are found to be valid, Standard Chartered might have to pay as much as $700 million to settle.
Knight Capital Group, Inc. (NYSE:KCG) should to resume its full activities on the New York Stock Exchange on Monday next, following its regaining much of its market share on Tuesday. During the crisis, it’s said that Knight talked with about 90 potential suitors concerning the rescue of the company. Competitor Citadel offered a $500 million loan, but in return Knight would have had to give it a 10 to 20 percent stake, plus control of the Hotspot FX trading platform.
KKR & Co. L.P. (NYSE:KKR) and The Blackstone Group L.P. (NYSE:BX) are among a number of firms that are wanting to enter the residential landlord business, as securitization of domestic single-family rental properties is the new popular trend. However, the new items might not receive top credit ratings from Fitch, as that agency points out several performance and/or data problems that are mostly linked to their short operating histories.
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