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Investors back away from emerging markets on China fears: BofA survey

June 18, 2013 09:32
By Joel Dimmock LONDON (Reuters) - Emerging markets are suffering a sharp pullback by investors fearful of a shock from China just as confidence in the world economy, and the euro zone in particular, rises, according to a survey of fund managers. The monthly poll from Bank of America Merrill Lynch, published on Tuesday, showed that allocations to global emerging market equities in June hit their lowest level since December 2008, with a net nine percent of respondents now underweight.

Insight: Why Citi wants to rack up U.S. taxes

June 18, 2013 02:30
By Dan Wilchins (Reuters) - Over the past few years, Citigroup Inc has been grappling with an unusual problem - how to incur more U.S. taxes. The third-largest U.S. bank tried to buy the foundering Wachovia Corp in the fall of 2008 in part because the deal would have brought it more taxable domestic income, a person familiar with the matter said.

British prosecutor to charge central Libor suspect: source

June 17, 2013 22:01
By Kirstin Ridley June 17 - Britain's top fraud prosecutor is poised to bring criminal charges against former Citigroup Inc <C.N> and UBS AG <UBSN.VX> trader Thomas Hayes, who is alleged to have been a central figure in a scam to rig global benchmark interest rates, a source familiar with the situation said on Monday.

Cheap foreign loans spur India's outbound M&A march

June 16, 2013 18:01
By Sumeet Chatterjee and Denny Thomas MUMBAI/HONG KONG (Reuters) - Foreign banks are fuelling India's recent burst of overseas takeover bids, offering cheap U.S. dollar loans to Indian corporates hungry to expand beyond their home state. The stream of financing offers from banks such as Standard Chartered <STAN.L>, Citigroup <C.N> and Deutsche Bank <DBKGn.DE> comes after some U.S. and European lenders pulled back from the Indian market last year as the country suffered through an economic slump.

U.S. charges eight for cybercrime targeting banks, government

June 12, 2013 15:44
By Jonathan Stempel (Reuters) - Federal prosecutors in New Jersey on Wednesday unveiled criminal charges against eight people accused of trying to steal at least $15 million from U.S. customers in an international cybercrime scheme targeting accounts at 15 financial institutions and government agencies.

Raymond James lands Morgan Stanley adviser in Georgia

June 12, 2013 15:45
(Reuters) - Raymond James Financial Inc has expanded its adviser force in Georgia with a veteran hire from top U.S. brokerage Morgan Stanley Wealth Management, the company said on Wednesday. Adviser Cynthia Woodsmall Jones, who managed more than $435 million in client assets at Morgan Stanley, moved to Raymond James in May after more than three decades with her former firm. She had an annual production of more than $1 million.

Morgan Stanley again targets wealth management margins above 20 percent

June 12, 2013 15:41
NEW YORK (Reuters) - Morgan Stanley is once again targeting pretax profit margins of 20 percent or more in its wealth management business, according to a presentation by CEO James Gorman on Wednesday. Morgan Stanley is targeting margins of 20 to 22 percent by 2015, assuming no change in interest rates or equity markets.

JPMorgan stays top of investment banking in first quarter: study

June 12, 2013 07:34
LONDON (Reuters) - JPMorgan Chase <JPM.N> kept its top spot for investment banking in the first quarter after bringing in $6.9 billion in revenues, putting it ahead of four rivals tied for second place, a study showed on Wednesday. Bank of America Merrill Lynch <BAC.N> and Citigroup <C.N> made the strongest gains in the January-March period compared to a year ago, lifting them to joint second spot with Deutsche Bank <DBKGn.DE> and Goldman Sachs <GS.N>, according to industry analytics firm Coalition.

Bank of America Merrill Lynch, JP Morgan top Extel awards

June 10, 2013 11:34
By Clare Hutchison LONDON (Reuters) - Bank of America Merrill Lynch <BAC.N> scooped the prize as top pan-European equity brokerage at the annual Thomson Reuters <TRI.TO> Extel Awards on Monday, ending UBS's <UBSN.VX> 12-year winning streak. JP Morgan Asset Management <JPM.N> was named best fund manager for the fourth consecutive year.

Deutsche Bank says is confident on asset wealth management goals

June 10, 2013 10:36
FRANKFURT (Reuters) - Deutsche Bank can achieve and possibly even exceed its target of generating 1.7 billion euros ($2.25 billion) in pretax profit from its asset and wealth management division by 2015, the unit's chief Michele Faissola said on Monday. "I am getting more and more confident that we can achieve this but maybe even exceed this," Faissola told a conference in Frankfurt to discuss progress one year after the unit was created by integrating Deutsche Bank's asset and wealth management units.
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