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...Wells Fargo has agreed to buy Neiman Marcus’s vacant space at 20 Hudson Yards for $550mn in a deal that confirms the changing fortunes of one of New York City’s largest property developments....
...Bank of America and Morgan Stanley report today. There are glimmers of hope that investment banking might also be set for a comeback....
...Schiff rivalled John Pierpont Morgan’s standing on Wall Street — his reputation only enhanced when he orchestrated a rescue of Union Pacific Railroad in the late 1890s after Morgan had abandoned the assignment...
...earnings were hit during the quarter by a loss on the sale of home improvement lending platform GreenSky to a private equity-led consortium, and the sale of what the bank called “substantially all” of its Marcus...
...French law firm Gide has hired Marcus Billam, Jean-Baptiste de Martigny and Alexandre Durand as M&A partners in Paris. They were previously at Darrois Villey Maillot....
...Aside from plans to sell GreenSky, Goldman last year decided to pare back its Marcus online retail banking business....
...Morgan Stanley restructured fast, while Goldman remained cautious, gradually launching Marcus savings accounts, Apple and GM credit cards, and US online loans, with poor results....
...A shrunken version of the Marcus business, which is unaffected by the strategic review, now sits within the wealth management unit....
...Marcus, Goldman Sachs’ consumer banking business, aims to outcompete the opposition with a 10-month CD that pays out a 5.05 per cent APY....
...I mean, we’ve talked about how Goldman Sachs and Morgan Stanley have had very different fourth quarters because of Morgan Stanley’s approach to asset and wealth management....
...At the beginning of 2020, both Morgan Stanley and Goldman Sachs had similar ratios....
...Morgan Stanley has hired veteran investment banker Daniel Cohen from Truist Financial Corp, per Reuters....
...The idea at the outset, and I should note here that David Solomon was not the CEO at the outset of this experiment, the Marcus experiment. Ethan WuYeah. Rob ArmstrongIt was Lloyd Blankfein....
...Marcus Phayre-Mudge, a property fund manager at Columbia Threadneedle, said Canary Wharf’s woes were in part the result of its historic over-dependence on financial services tenants....
...Morgan Stanley shares rose almost 7 per cent....
...By the time work began on the development, a host of international banks including Morgan Stanley had signed up — and Canary Wharf would no longer be a base for administrative back-office jobs but a beacon...
...Goldman Sachs posted a $470mn loss on the partial sale of its Marcus loan portfolio, conceding that its push for consumer lending had misfired....
...The combined asset and wealth division will include its online retail bank Marcus and be led by Marc Nachmann, at present the co-head of Goldman’s trading division....
...The biggest black mark on Solomon’s efforts to transform Goldman was his expansion of the consumer banking business, a project that started under predecessor Lloyd Blankfein with the Marcus savings account...
...Goldman’s much-vaunted Marcus consumer operation will be folded into a unified asset and wealth management division....
...Everyone beats Solomon’s Goldman to death because its shares have badly underperformed Morgan Stanley’s....
...That, of course, was the pitch Goldman made when it launched Marcus, its consumer banking brand. Instead it caused billions in losses....
...Goldman launched the consumer business in 2016 under Blankfein, naming it Marcus after the bank’s founder, Marcus Goldman. Marcus has cycled through a series of leaders....
...The strategy has been tried and tested by Morgan Stanley chief James Gorman, whose plough into wealth management helped create the valuation gap that Goldman is seeking to narrow....
...Revenues from trading at JPMorgan were up 15 per cent and up 21 per cent at Morgan Stanley....
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