The workforce reduction will be across all regions and is set to take place in the next two weeks, a source told Reuters.» Read More
Bears say the are accurately reflecting conditions, and in fact they have been accurately reflecting conditions all year. This is the main argument for bears: the most bearish positions--as reflected in the credit markets--have been the most correct positions this year.
On Monday, for example, mutual fund investors panicked and pulled $10.9 billion out of the market (TrimTabs), with particularly large outflows ($4 b) from global funds.
Morgan Stanley is trading down 16 percent, despite several positive analyst comments on their earnings, as traders note that credit spreads are widening. The Reserve's Primary Fund, a money market fund, "broke the buck" (the net asset value of the fund fell below $1) because it owned Lehman paper.
The unprecedented government rescue of insurance giant AIG calms the market's angst, but the question is whether credit markets will cooperate with the Fed and what other shoes are there left to drop.
Morgan Stanley officials are weighing whether the firm should remain independent or merge with a bank given the recent turbulence in the company's stock, CNBC has learned.
American International Group will avoid bankruptcy with the help of an $85 billion bridge loan from the federal government, in exchange for an 80 percent stake in itself, sources told CNBC.
Morgan Stanley announced quarterly results earlier than expected, and Sandisk rejected a buyout offer from Samsung. Here's how to trade the news.
The Bond kings react to the Fed leaving the interest rate unchanged at 2 percent, while Morgan Stanley reports strong earnings numbers. Following are today's top videos:
Maria Bartiromo discusses Tuesday's top business and financial stories -- and looks ahead to tomorrow's events.
Morgan Stanley, announcing quarterly results earlier than expected, reported a profit that declined slightly but blew past analysts' earnings expectations.
Morgan Stanley trading up 3 percent after the close, as it pre-announced earnings above expectations. CEO John Mack said, "We have continued to actively reduce our legacy postions and carefully manage our risk, capital and liquidity." Several factors worked in favor of today's modest but important rally.
Bank of America added another slice to its growing financial services empire, buying Merrill Lynch in a $50 billion deal that would create a bank offering everything from fixed-income trading to credit card lending
Lehman falls, Merrill is sold, and more fallout is likely ahead. Wall Street has likely changed forever, says the New York Times.
There is a certain air of disbelief on the Street today concerning AIG. Bank of America's analyst epitomized this: "AIG is facing a near-term liquidity issues, as opposed to solvency issues," a report this morning said. All insisted they have plenty of assets to sell.
The already roiled markets have a new fear: the survival of AIG.
Wall Street had its worst day in more than six years on Monday as fears about the U.S. financial system's stability escalated after Lehman Brothers filed for bankruptcy.
Stocks had their worst selloff since the Sept. 11 attacks in 2001, with the Dow plummeting more than 500 points amid escalating fear about a collapse of AIG.
Investors survived the first trading day of the Wall Street financial crisis, but many remained worried about what happens next.
American International Group, which is seeking up to $40 billion in bridge financing from the Federal Reserve, is no longer in talks to receive help from billionaire investor Warren Buffett, CNBC has learned.
Stocks fell sharply at the opening bell Monday after a trifecta of Wall Street pain: Lehman Brothers filed for bankruptcy, Merrill Lynch was bought by Bank of America and AIG asked the Fed for short-term financing.