Word: morgans
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Dates: during 2000-2009
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...Morgan, on the other hand, estimated the most it could lose on its daily trading desk on any given day was $114 million, or less than half of what Goldman could lose. And Morgan is in the process of eliminating nearly all of the trading it does for its own account, which means how much it risks in the market each day should continue to drop...
...When Gorman was named CEO that was a defining moment in Morgan's history," says Charles Geisst, a Wall Street historian and author of the book Collateral Damaged. "The large brokerage force is going to change Morgan. People begin to see you more as a distribution business than in the investment-banking business...
Still, it's clear that Morgan has taken a different road out of the financial crisis than its closest rival, Goldman Sachs. In the past year, Goldman has dramatically ramped up its trading desk. That move has led to big profits in the past year but the firm has also opened itself up to bigger losses should its traders get things wrong. Based on its trading activity now, Goldman says it could lose as much as $250 million in a day should its bets go wrong, up 30% from a year ago. What's more, even though Goldman has become...
...Morgan, unlike Goldman, seems to be really interested in building up its deposit base. Last year, the firm hired former Wachovia executive Cece Sutton to run its retail-banking division. Last month, Morgan said it would soon be adding more employees in Charlotte and New York to help expand its banking operations. Already the bank has nearly tripled its customers' deposits to just over $100 billion...
...hires come at a time when the bank's traditional investment-banking operations seem to be shrinking. Overall, Morgan has lowered its payrolls by 8% in the past year, but its ranks of investment bankers have fallen by a slightly steeper 10%. And in underwriting, a key investment-banking business, Morgan has continued to lose ground. Through the first six months of this year, Morgan ranked as the sixth largest underwriter of stock and bond offerings, down from fourth two years...