Morgan Stanley flies high on wealth management

Morgan Stanley has floated its way to the top. James Gorman’s bank reported its best-ever quarter for its core business, wealth management, buoyed by a huge client base investing in stock markets that just doesn’t seem to ever go down. Morgan Stanley reported $4.4 billion in revenue from wealth management

Goldman Sachs posts first quarterly loss in six years

Well, that’s embarrassing. Goldman Sachs, one of the biggest corporate beneficiaries of the Trump era, reported that it still struggled to make money during the fourth quarter, posting its first quarterly loss in six years. Lloyd Blankfein’s bank made 50 percent less in trading bonds, currencies and commodities during the

Big banks poised to cash in on Trump’s regulation rollbacks

It’s three weeks after Christmas, but banks are still unwrapping presents. In addition to President Trump’s tax overhaul — a move that can add billions of dollars to the bottom line of the country’s major banks — rollbacks on regulations could add even billions more in profits, thanks to

Fed fines 5 big banks $35M over mortgage servicing

The Federal Reserve fined five large US banks a combined $35.1 million to settle cases of mortgage servicing flaws dating back to 2011. The central bank announced the fines against Goldman Sachs, Morgan Stanley, CIT Group, US Bancorp and PNC Financial as part of a broader effort to terminate

Tax bill helps push Wells Fargo to fourth-quarter gain

Wells Fargo says its fourth-quarter earnings rose 17 percent from a year ago, as the consumer banking giant benefited from the recently passed GOP tax bill, but incurred additional costs related to improper sales practices and other matters. Wells said Friday that it earned $6.15 billion in the quarter,

Tax code gains gloss up big banks’ muted earnings results

Wall Street’s in for a messy month. President Trump’s giant tax overhaul is scrambling the end-of-year earnings at the biggest US banks, causing huge swings in profit for what would have otherwise been a muted quarter. JPMorgan Chase, the largest bank in the US, reported a big drop in profit

Man arrested for punching ATM that gave him ‘too much money’

A Florida man was arrested Friday after he reportedly punched an ATM because it “was giving him too much money” during an incident in November. Michael Joseph Oleksik, 23, was charged with criminal mischief after Wells Fargo requested Cocoa Police press charges against the man. Law enforcement told Florida Today

FBI seeks records from Cyprus bank with Russian ties

The FBI is seeking the financial records of a now-shuttered bank in Cyprus used by wealthy Russians with political connections and is being investigated for money laundering by the US government, a report on Sunday said. A source told The Guardian that the information sought from FBME bank was

Traders and bankers will get some of their bonuses in bitcoin

Wall Street is unveiling the bitcoin bonus for employees. Banks and brokerages will show them the money — wads and wallets of bitcoins and cryptocurrencies to digitally juice big year-end payouts of hard cash and deferred stock awards to traders and bankers, Wall Street insiders claim. As bitcoin, the leading

This is how much you waste on bank fees every year

Don’t get held up at the bank. That’s the warning of consumer advocates, who say monthly bank charges are adding up. “All those unnecessary bank fees can easily suck up your savings if you’re not careful,” according to a report by the CO-OP Credit Unions. The organization recommends consumers shop around

Mass firings at top digital currency investment bank

It’s a bit-bloodbath. The largest investment bank catering to the red-hot cryptocurrency sector was in total disarray on Friday after management fired nine employees — including the entire tech team, The Post has learned. The Argon Group had been battling internal turmoil recently as many of its investment bankers had

RBS and Natwest banks close 259 branches costing 680 jobs

Royal Bank of Scotland has said it will shut hundreds of RBS and NatWest branches, with the loss of 680 jobs. A total of 197 Natwest branches as 62 branches of Royal Bank of Scotland will close following a review of its network. An RBS spokesman said the decision came

Wells Fargo in hot water again for allegedly overcharging clients

Wells Fargo cheated many of its business clients by charging them higher than agreed upon fees, according to a report on Monday. The bank, already reeling from a series of fines and penalties caused by overly aggressive management goals, discovered that it had charged 265 of 300 examined foreign-exchange

Will the bank stop stiffing me on my savings account rate?

Dear John: I have a substantial savings/checking account at JPMorgan Chase. I am confused by the rule that more than six transactions can be charged a fee, including savings moved into my checking account. If you have $15,000 in the bank the fees would be waived. However, if you do

Fired Wells Fargo banker gets exec booted for trash talk

Hell hath no fury like a banker scorned. A Wells Fargo banker who was let go for his role in a mortgage-pricing scam turned around and ratted out his superior for trashing regulators during his exit interview. The dismissed banker, Greg Gwizdz, told Wells Fargo that Franklin Codel, the bank’s

Morgan Stanley nixes protocol pact, blocking brokers’ exits

Morgan Stanley has locked the gates to keep its high-priced wealth management brokers from fleeing. The new edict — breaking with a 13-year-old agreement known as the Protocol for Broker Recruiting — enacted on Nov. 3 means the bank will threaten wealth management pros with costly litigation if they

Why it’s going to pay to be an investment banker this year

Big bonuses are back on Wall Street — but not for everybody. Investment bankers and wealth managers can expect 9- to 10-percent pay bumps this year, while most other financial workers are probably going to see their total compensation shrink from 2016, according to a report from headhunter Options

The new, clever way hackers can get into your bank account

According to a blog post by Cisco-owned Talos, the Zeus Panda malware essentially “poisons” Google search results to push fake bank-related results to the top of a key word search. Then, the unwary user, looking for quick answers to a search related to their bank, is fooled into

One Vanderbilt gets a pricey new tenant

One Vanderbilt has signed its first office tenants since TD Bank came on board two years ago — inking a deal with DZ Bank and its affiliate, DVB Bank, the No. 2 bank in Germany. The firms signed separate leases for the tower’s entire 26th floor, a combined 35,550

Bank of Internet was under 16-month SEC investigation

Online lender Bank of Internet was the subject of a formal 16-month Securities and Exchange Commission investigation, according to a report. The company, led by Chief Executive Greg Garrabrants, was the subject of scrutiny until June — when it ceased without the SEC taking any action. The probe was focused on alleged

How has the market survived in this global climate?

Dear John: I really enjoy reading your columns and believe you have a real handle on this stuff. I have been following the markets since 1986 and have been sitting in front of four screens since 1992. I am scratching my head in amazement as we continue to churn higher

Did Goldman CEO hint at a Euro HQ move to Frankfurt?

Sprechen sie Deutsch, Herr Blankfein? Goldman Sachs’ CEO dropped a not-too-subtle hint on Thursday that the bank would be beefing up its business in Germany in the wake of the UK leaving the European Union. “Just left Frankfurt. Great meetings, great weather, really enjoyed it. Good, because I’ll be spending a lot

ATM fees in NYC are getting out of control

New York’s banks are getting a much bigger bang for your automated buck — while giving you little in interest earned. ATM fees are soaring all over the metro area, saddling New Yorkers with the second-highest average out-of-network fees among 25 major metropolitan regions — a huge jump from sixth place