Wall Street

Wall Street watchdog to review broker bonus disclosure plan

Wall Street’s watchdog will present a plan to its board in July that would require brokers to tell certain clients about compensation they receive when they switch firms, the regulator’s chief said.

Wednesday, 22 May, 2013, 11:23am

Revolving doors of power

Alexander Hamilton (centre), the first US treasury secretary, went from his law practice to the federal government and then back to law.

In Europe, it seems unthinkable that the head of Deutsche Bank would ever become the finance minister of Germany. It is less likely since the financial debacle of 2008 that any British bank boss would become chancellor of the exchequer.

15 May 2013 - 4:46am

Asian stocks up on Wall St rise, German data

Corey Prinz (centre) and Mary Harris (right) applaud as the Dow Jones Industrial Average closes above 15,000 for the first time. Wall Street is helping lift Asian stocks in early trade. Photo: AP

Asian markets rose on Wednesday after the Dow closed at a record high on renewed optimism over the US economy and European markets soared following the release of impressive German factory orders data.

Tokyo climbed 1.35 per cent by the break, a day after the Nikkei finished at its highest level in almost five years, Seoul gained 0.25 per cent and Sydney increased 0.77 per cent.

8 May 2013 - 11:50am

Former CLSA analyst writes quit-and-tell-all book

As safe as money in the bank?

Daniel Tabbush, who for many years was CLSA's head of regional banking research, has published a why-I-quit-the-rat-race book. Titled Quit & Run - My Wake Up Call on Wall Street, the book describes how he got into the finance industry, his thoughts about his work and why he left.

28 Mar 2013 - 6:31am 2 comments

Wall Street sees big bonuses as jobs in finance sector decline

ING will cut 2,400 positions in coming years. Photo: EPA

Wall Street may seem like its old self again. Financial giants including Goldman Sachs raked in mega profits in 2012; bonuses are expected to fatten more Wall Streeters' pockets than last year; and the Dow Jones Industrial Average has been flirting with an all-time high after topping 14,000 for the first time in half a decade.

16 Feb 2013 - 4:29am

2012: How Wall Street got it wrong

In a year of financial mis-forecasting, Morgan Stanley predicted Standard & Poor's 500 Index would lose 7 per cent in 2012. Photo: Bloomberg

From hedge fund manager John Paulson's call for a collapse in Europe to Morgan Stanley's warning that US stocks would decline, Wall Street got little right in its prognosis for the year just ended.

5 Jan 2013 - 3:13am

Divide over 'fiscal cliff'

The possibility of a compromise is keeping Wall Street traders on edge, with the stock market likely to remain volatile until the matter of the fiscal cliff is resolved. Photo: Reuters

Trading action on Wall Street is likely to retain its tentative edge over the new year, as uncertainty over the United States' financial future and its economy casts a pall over the market.

26 Nov 2012 - 9:06am

Wall St bankers in line for poor 2012 bonuses

Wall Street banks, including Morgan Stanley, have cut more than 9,000 jobs in the past year as deal and trade volumes fall. Photo: AP

Wall Street banks are deflating their employees' pay expectations to avoid a replay of last year when cutbacks on bonuses and increased deferrals surprised bankers and traders.

14 Nov 2012 - 2:58am

Corporate US awaits Obama action on deficit

Returned US President Barack Obama and Vice-President Joe Biden celebrate their victory in Tuesday's poll over Mitt Romney. Photo: AFP

Wall Street executives who lost the bet that Mitt Romney would defeat Barack Obama are bracing for tougher regulation and hoping a deal can be struck with Congress to cut the deficit.

9 Nov 2012 - 3:59am

Wall St shuttered as storm hobbles New York

A New York resident, who is packed up and leaving on evacuation orders, passes the New York Stock Exchange in lower Manhattan. Photo: AFP

US stock and options markets will be closed on Monday and possibly Tuesday, the exchange operator said, going back on a plan that would have kept electronic trading going on Monday.

29 Aug 2013 - 4:13am

Stop rewarding bankers for risky bets, Obama says

Barack Obama addresses a campaign rally in Cleveland, Ohio, part of a last-ditch dash across all-important swing states. Photo: AFP

President Barack Obama has said the next important step for making the US financial sector safer is to make sure executive pay is less closely tied to risky bets.

27 Oct 2012 - 3:47am

These people will walk away from scene of the crash

Goldman Sachs chief Lloyd Blankfein, seen at the Clinton Global Initiative event, wants more investing, fewer rules. Photo: Bloomberg

Is it time to put the Great Recession behind us?

Not in terms of the economy – which remains bogged down with high unemployment, low growth and other aftershocks – but rather when it comes to demanding a rigorous effort to hold Wall Street bankers, traders and executives accountable for causing the financial crisis.

23 Oct 2012 - 4:19am

HSBC cleans up Occupy site while stragglers defy deadline to move

One protester didn't seem too bothered by Monday's court order for protesters to leave the camp. Photo: Nora Tam

HSBC started to clear up the Occupy Central protest camp under its headquarters yesterday as a handful of protesters defied a court deadline for them to leave.

29 Aug 2012 - 3:14am

'Occupy Central' protesters defy a court order to move

Security guards stand by near the Occupy Central encampment at HSBC headquarters, the morning after protesters made a stand against an eviction order. Photo: Nora Tam

It was supposed to be the end of the party, but the music played on.

As the 9pm deadline to move out approached, "Occupy Central" activists turned up the volume and sang and danced in defiance of the court order telling them to vacate the open space under the HSBC headquarters.

28 Aug 2012 - 11:26am

BOOK (1991)

American Psycho by Bret Easton Ellis Picador

American Psycho begins about as far from the fashionable world as possible with a quote from Dante's Inferno scrawled in blood red lettering on a wall: 'ABANDON HOPE ALL YE WHO ENTER HERE.'

5 Dec 2010 - 12:00am