Jefferies Financial Group is planning to spin off a 15.4% stake in Spectrum Brands Holdings. As part of the plan,the investment bank would issue a dividend to its shareholders of 7.5 million Spectrum Brands shares.The dividend is payable Oct. 11 to Jefferies holders of record Sept. 30. Spectrum Brands is the owner of several consumer goods brands, such as Black Flag pesticides, Pfister kitchen and bathroom appliances, Kwikset and Weiser locks and security equipment, and, in Europe, Iams and Eukanuba pet-care products.

Charles Schwab revealed plans to retrench 3% of its workforce, as it attempts to boost interest margins amidst macroeconomic headwinds. The financial services giant is laying off 600 employees, hoping that the move would lower expenses and therefore mitigate pressure from declining interest rates and economic challenges.The global and domestic macroeconomic headwinds/uncertainties and therefore declining interest rates seem to have aggravated the narrowing of interest margin between loans and deposits for Charles Schwab. Furthermore, the Federal Reserve is expected to implement more rate cuts this year after dropping rates by a quarter of a percentage point over the summer – something that could potentially add to Charles Schwab’s concerns, since a large portion of its revenue comes from net interest. In its second quarter earnings, Schwab’s net interest revenue declined -4% from the first quarter.

Goldman Sachs Group Inc said on Monday that West Street Capital Partners VII, a fund managed by the company’s merchant banking unit, will acquire Capital Vision Services LP, to bolster their portfolio in the healthcare services sector.

Ari Emanuel’s global entertainment, sports and content company Endeavor has filed documents with Securities and Exchange Commission and is set to go public this year.The company said that it plans to raise $100 million through its IPO, the figure is typically used as a placeholder before disclosing the actual figure at a later date, proceeds of which will go towards working capital and general corporate purposes. The company’s key talking points for 2018 include revenue at $3.6 billion and a net income of $231.3 million. The company prides itself on breaking away from traditional content like television, movies and live events and making pathway into offbeat categories like podcasts, experiences, social media, multiplayer video games and e-sports. But it believes that wherever there is some content, Endeavor is likely playing a role. Endeavor’s IPO was already anticipated since it merged with the modeling agency IMG in 2013.

Goldman Sachs has agreed to acquire wealth management firm United Capital Financial Partners. Through the $750 million cash deal, Goldman hopes to bolster its wealth management business.The deal will allow more investors to access “the intellectual capital and investment capabilities of Goldman Sachs”, according to Solomon. The acquisition could potentially catalyze Goldman’s reach beyond its ultra-high net worth client group, and towards the affluent end of the masses - something that spells a potential growth opportunity in the long run for the company.

Goldman Sachs Group's co-head of global equities trades and execution services, Brian Levine, will retire this summer, according to a memo. The bank also said that Philip Berlinski and Jeff Nedelman were being named co-chief operating officers of global equities with Michael Daffey.The three will jointly lead global equities.  Berlinski had been Levine’s co-head overseeing global equities trades and execution services, and Nedelman had been the global head of prime services. Levine joined the bank’s shares trading desk 25 years ago.

Morgan Stanley is set to pay $150 million to settle charges it misled two large California public pension funds about the risks of mortgage-backed securities they bought prior to the 2008 global financial crisis.  California Attorney General Xavier Becerra said the California Public Employees’ Retirement System (CalPERS) will receive $122 million from the settlement, while the California State Teachers Retirement System (CalSTRS) will receive $8 million.The other $20 million will cover costs and help fund other investigations.

Goldman Sachs has agreed to pay part of $22 million to settle allegations by China’s securities regulator over how the Wall Street firm interacted with its local joint venture partner, the first such agreement under pilot rules the nation adopted in 2015. The China Securities Regulatory Commission agreed with Goldman Sachs under guidelines that allow it to negotiate a settlement rather than to simply issue a fine.Employees at both firms have agreed to step up internal controls, the CSRC said in a statement. Nine companies, including Goldman Sachs and Beijing Gao Hua, will pay 150 million yuan ($22 million) to settle the case, according to the CSRC notice. “We are pleased to have resolved the matter,” a spokeswoman who represents Goldman Sachs and Beijing Gao Hua said. Between October 2013 and July 2015, traders at Goldman Sachs’s Asian unit used its account held with Beijing Gao Hua to carry out trades and provided “business guidance” to staff at Beijing Gao Hua, according

Morgan Stanley’s Shelley O’Connor, one of two co-heads of the wealth management business, was named on Tuesday to lead two of the bank’s regulated entities, according to an internal memo seen by Reuters. Read more...

Investment banking giant Goldman Sachs (NYSE: GS) reported first-quarter earnings results on Monday and the results were a disappointment to investors.Analysts were expecting the company to earn $4.74 per share on revenue of $8.97 billion. The stock fell 3.82% on the day as investors processed the information.

Despite a 9% drop on the quarterly earnings, Morgan Stanley, the sixth largest U.S. bank, managed to marginally beat analysts’ estimates. Morgan Stanley's wealth management business salvaged earnings for the quarter, as it accounts for almost half of the bank’s revenue and helps maintain stability during weak periods for trading and investment banking -- the two segments that suffered during the first quarter due to subdued volatility.Despite this scenario, Morgan Stanley’s wealth management profit margin and its return on equity of 13.1% were comfortably within the targeted range.

Morgan Stanley reported a 9% drop in quarterly earnings, but managed to beat analyst estimates through growth in its wealth management business. “This quarter ... shows the resiliency of wealth management, which is an important indicator of the health of our business,” Chief Financial Officer Jonathan Pruzan said in an interview.  Overall, Morgan Stanley reported a quarterly profit of $2.34 billion, or $1.39 per share, down from $2.58 billion, or $1.45 per share, in the year-earlier period.Excluding items, the company earned $1.33 per share.

Wall Street’s main indexes fell on Monday, following a rally in the previous session that put the S&P 500 within striking distance of its record high, as underwhelming results from Goldman Sachs and Citigroup pressured financial stocks. Read More...

Shares of Finnish telecommunications firm Nokia dropped around 3 percent on Monday after analysts at Goldman Sachs downgraded the stock from “neutral” to “sell.” Read More...

Morgan Stanley is lining up buyers for 4 million shares in Lululemon Athletica Inc. on behalf of its second-largest holder, people familiar with the matter said.Read More...

This is the first ever credit card to be offered by Goldman Sachs. According to a memo obtained by CNBC, David Solomon, CEO at Goldman Sachs said, “This partnership is a major step in the growth of our consumer franchise, furthering our vision to create the leading digital consumer platform.” Customers will be eligible for cashbacks, including 2% cashback on all Apple Pay purchases made with the card and 3% upon buying at the Apple Stores or at the App Store.These cashbacks would be added to the users Apple Cash card daily and could be put to use instantly. 

A global benchmark for emerging markets is set to surge as much as 8 percent this year, according to Morgan Stanley. Read More...

On Monday, Barrick Gold Corp. announced its formal bid for acquiring Newmont Mining Corp. to create the world’s largest gold mining company. Barrick Gold’s proposed merger would be an all-share deal of close to $18 billion, involving an exchange ratio of 2.5694 Barrick shares for each Newmont share.According to Barrick, the merger if approved would lead to an estimated 14% increase in Newmont's current net asset value per share. Bristow is apparently hoping that the deal would not only result in creating the world’s “best gold company”, but also boost the overall gold industry’s prospects.

(Bloomberg) -- Goldman Sachs Group Inc. is doubling down on its bullish outlook for oil. The bank still forecasts that global benchmark Brent crude will hit $67.50 a barrel next quarter, driven by healthy demand and supply curbs by OPEC and its allies such as Russia, analysts including Damien Courvalin said in a Feb. 12 report.Goldman’s estimate is about 7 percent higher than current price levels. READ MORE...

When America sneezes, the world catches cold, the saying goes.Now Goldman Sachs Group Inc. economists are asking whether the reverse also holds true. Read More...