Morgan Stanley <MS.N> cut 1,500 jobs this week across its investment banking, trading and asset management businesses, a person familiar with the situation said Friday, a 5 percent reduction of non-broker employees.

NEW YORK (Reuters) - Morgan Stanley <MS.N> cut 1,500 jobs this week across its investment banking, trading and asset management businesses, a person familiar with the situation said Friday, a 5 percent reduction of non-broker employees.

Life is sweet for banana producers.

Shares of investment banks fell Friday as the broader markets wavered when worries over rising oil prices outweighed a surprise jump in April home construction data.

Lehman Brothers Holdings Inc. will begin to cut about 5 percent of its staff on Monday as part of an overall plan to streamline its balance sheet amid further turbulence in the financial markets, said a person familiar with the plan.

Allied Capital Corp., which lends to and invests in medium-sized businesses, said Friday it has completed the sale of 9 million shares at $20.45 apiece for proceeds of $184.1 million.

Shares of investment banks fell Friday morning as broader markets declined amid concern surrounding oil prices reaching a new record.

An analyst cut earnings estimates Thursday on both Goldman Sachs Group Inc. and Morgan Stanley, saying the pair face continued challenges in the current credit environment.

Investment bank stocks mostly rose Wednesday, in line with the broader market, even as a Goldman, Sachs & Co. analyst cut his second-quarter profit estimates on a handful of banks, noting an extremely challenging operating environment.

A New York State judge adjourned the trial over financing of the Clear Channel Communications Inc <CCU.N> buyout on Wednesday, giving the banks involved 14 days to fund the new, lower-priced deal.

NEW YORK (Reuters) - A New York State judge adjourned the trial over financing of the Clear Channel Communications Inc <CCU.N> buyout on Wednesday, giving the banks involved 14 days to fund the new, lower-priced deal.

Clear Channel Communications Inc. has settled a legal dispute with the lenders funding its private equity buyout, clearing the way for the radio and outdoor advertising company to finally seal the deal nearly two years after it was first announced.

Fannie Mae found buyers for $2 billion of a special class of stock, the mortgage financier said Tuesday, putting the company on the verge of completing its plan to raise more cash to stabilize its finances.

MiddleBrook Pharmaceuticals Inc. said Tuesday its first-quarter loss widened slightly as a hefty charge for warrant expenses outweighed a sharp downturn in operating expenses.

Morgan Stanley said Tuesday it will look to grow its business, especially its global wealth management operations, through acquisitions.