Business Maverick: Morgan Stanley Hit by Banking Slump as Recession Fears Loom

The firm’s investment-banking group posted $1.07 billion in revenue, down 55% from a year earlier, a bigger decline than the 47% drop analysts had predicted. The bank also reported an additional $413 million hit driven by mark-to-market losses on corporate loans held for sale as credit spreads widened.

“It was a very solid quarter in the face of market volatility,” Chief Financial Officer Sharon Yeshaya said in an interview. “Market activity and client activity should help support the level in equities and fixed-income businesses. But the volatility delays some of the pipeline to convert on the investment-banking side, especially on the M&A side.”

Trading revenue of $5.46 billion surpassed the $5.1 billion average estimate, and was up from $4.51 billion a year ago. That was mostly led by a 49% jump in fixed-income revenue, which climbed to $2.5 billion. The New York-based firm was also first to lend credibility to Elon Musk’s attempt in April to buy Twitter Inc. by helping cobble together the financing for the $44 billion bid. Since then, it has also been dragged into the ensuing mess after the world’s richest man changed his mind about wanting to own the social-media platform.

Colombia Últimas Noticias, Colombia Titulares

Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.

Business Maverick: Stocks Waver as Treasuries Sound Recession Alarm: Markets WrapStocks fluctuated as the Treasury curve inversion deepened to levels last seen in 2007, underscoring fears that Federal Reserve rate hikes will sink the economy into a recession. Oil fell below $100 a barrel.
Fuente: dailymaverick - 🏆 3. / 84 Leer más »

Business Maverick: More Chinese homebuyers refuse to pay mortgage loans amid contagion fearsA rapidly increasing number of disgruntled Chinese homebuyers are refusing to pay mortgages for unfinished construction projects, exacerbating the country’s property market woes and stoking fears that the crisis will spread to the wider financial system.
Fuente: dailymaverick - 🏆 3. / 84 Leer más »

Business Maverick: Elon Musk’s Twitter Fight Points to M&A Experts’ Big Fear: Collapsing DealsA slowdown in mergers and acquisitions is coming this quarter as turmoil in the stock market pressures pending takeovers and raises the risks of more deals collapsing, like Elon Musk’s purchase of Twitter Inc. I have always hated Bitcoin and thought it was a scam until a friend referred me to Mike_Rosehart , I made my first withdrawal of R100,000 in 2 weeks thanks to Mike_Rosehart.
Fuente: dailymaverick - 🏆 3. / 84 Leer más »