Word: hintz
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...change by far for Morgan Stanley comes from the acquisition of the Salomon Smith Barney brokerage division. The deal, which was announced in January, has boosted the number of brokers at Morgan Stanley to just over 20,000. That makes Morgan the largest brokerage house in the country. Brad Hintz, an analyst at Sanford C. Bernstein & Co., estimates that after the acquisition is complete Morgan will get 42% of its revenue from its brokerage division, up from 20% a year...
...Morgan Stanley is not abandoning its investment-banking roots, but it is making the bet that retail brokerage operations are going to be valued more in the market than in the past," says Hintz...
...will not be allowed to pay back TARP funds until they can raise money on their own. Some banks have been able to venture out into the market on their own, but the rates they are now paying investors - without government backing, that is - are significantly higher. Analyst Brad Hintz of Bernstein Research estimates that JPMorgan, one of the healthiest banks, will have to pay three percentage points more per year to borrow without the FDIC guarantee. That would boost the interest JPMorgan has to pay on five-year loans to 6%, from an FDIC-backed rate...
...Thomson Reuters. Had the banks had to raise that money on their own it would have been much more expensive. Morgan Stanley, another bank that has reportedly been looking to pay back TARP funds, has raised $23 billion in FDIC-backed debt since the program began in November. Hintz estimates the government's help is allowing Morgan Stanley to lower its borrowing costs by 5½ percentage points. That would have raised Morgan Stanley's expenses by nearly $1.3 billion a year. And that is just the money it has borrowed in the past six months alone...
...think it's worth the cost," says Hintz. "The only way it will turn out to be really expensive is if the economy never recovers...