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BUSINESS
November 16, 1996 | Times Staff and Wire Reports
France's Societe Generale USA and Bannon & Co., a boutique investment banking firm, are forming Societe Generale Bannon, aimed at media, entertainment and communications investment banking. Bannon is headed by former Goldman Sachs executives Stephen K. Bannon and Scot K. Vorse. Societe Generale is one of the world's largest banks.
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BUSINESS
March 4, 2014 | By Walter Hamilton
Moelis & Co., a boutique Los Angeles investment bank, filed for an initial public offering, seeking to capitalize on the soaring stock market and a recent pickup in corporate mergers. The firm was founded in 2007 by Ken Moelis, a longtime Southern California investment banker. The Century City-based firm would trade on the New York Stock Exchange under the ticker symbol MC. The firm has advised on a host of prominent deals in recent years, including representing the Dodgers and former owner Frank McCourt in the team's sale to Guggenheim Partners.
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BUSINESS
September 5, 2001 | Reuters
Accounting firm Ernst & Young stepped into the investment banking arena with a new corporate finance unit, but stopped short of taking aim at Wall Street's biggest names. The firm said that the unit, which will be called Ernst & Young Corporate Finance, will focus on advising on merger deals worth $50 million to $1 billion, rather than on the multibillion-dollar deals handled by companies such as Goldman Sachs Group Inc. and Morgan Stanley.
BUSINESS
January 16, 2014 | By Andrew Tangel
NEW YORK -- Citigroup Inc.'s profit jumped in the fourth quarter but fell short of Wall Street hopes for a stronger turnaround for the New York-based financial giant. Citi said it earned $2.7 billion, or 85 cents a share, in the last quarter, up from $1.2 billion, or 38 cents, from the same period the prior year. Wall Street analysts had expected Citi to earn 95 cents a share in the fourth quarter, according to Thomson Reuters. PHOTOS: Federal Reserve chairs through the years Citi's stock slumped in early trading on Thursday.
BUSINESS
April 3, 1998 | Dow Jones
Techniclone Corp., concerned that its stock may be delisted for failing to meet the $1-per-share minimum requirement on the Nasdaq SmallCap market, said it hired an investment banking firm. The firm will help the company seek financing alternatives, potential partnerships and other arrangements aimed at raising its stock price. Ironically, the company's stock closed at $1 a share Thursday for the first time since Jan. 30. The shares were up 28 cents for the day.
BUSINESS
January 19, 1999 | From Bloomberg News
Thomas Weisel, former head of NationsBanc Montgomery Securities, opened a new investment bank to focus on such industries as technology, media and health care. Weisel, 57, said he hired 90 people, including 35 partners, to join Thomas Weisel Partners. About half of the staff is from BankAmerica Corp.'s investment banking arm, NationsBanc Montgomery, from which Weisel resigned in September. His firm has raised about $65 million in capital, Weisel said.
BUSINESS
June 5, 1998 | Bloomberg News
BancAmerica Robertson Stephens & Co. said investment banking chief Misha Petkevich, 49, will leave once BankBoston Corp. completes its purchase of the San Francisco-based firm. In addition, Paul Sherer, 39, head of telecommunications investment banking, said he has not signed a contract to remain and is both talking with Robertson Stephens about a change of assignment and exploring outside prospects.
BUSINESS
August 28, 2002 | Bloomberg News
Wells Fargo & Co. is expanding its investment banking business by opening an office in Chicago and hiring bankers in New York and in the Midwest. The San Francisco-based securities arm of the bank named Steve Moss a managing director to head the Chicago office. Moss previously led a 12-member team at Merrill Lynch & Co. that worked with computer, imaging and other technology companies.
BUSINESS
August 25, 1998 | BARBARA MURPHY
Franklin Telecom in Westlake Village announced that its subsidiary, FNet Corp., has selected Sutro & Co. to handle its investment banking. "Our goal of deploying an Internet protocol telephony network will be greatly enhanced by the addition of a quality investment bank such as Sutro & Co.," said Thomas Russell, FTEL's chief financial officer. Sutro is the oldest investment bank in the western United States, and the telecommunications industry is a growing focus of its activities.
NEWS
September 6, 1990
William Silent Hughes, former president of the independent investment banking firm Wagenseller & Durst Inc., has died. He was 84. Hughes died Sunday at his San Marino home of degenerative heart disease and complications of old age. He was a governor of the New York Stock Exchange from 1966 to 1969 and a governor of the Pacific Stock Exchange from 1978 to 1984. Hughes also was a governor of the National Assn. of Security Dealers, a governor of the Investment Bankers Assn.
BUSINESS
January 15, 2014 | By Andrew Tangel
NEW YORK -- Bank of America Corp.'s fourth-quarter profit surged as the financial giant continued to work through its hangover from the housing meltdown. The Charlotte, N.C.-based bank Wednesday reported net income of $3.4 billion, or 29 cents a share, up sharply from $732 million, or 3 cents, the same period a year ago, when its bottom line suffered from a more than $10-billion settlement with mortgage giant Fannie Mae. QUIZ: Do you remember the biggest business news stories of 2013?
BUSINESS
November 10, 2013 | By Jessica Guynn
John R. "Trip" Adler III The gig: Adler, 29, is a founder and chief executive of Scribd, a YouTube for publishing in which anyone can upload documents and let others read and share them. With 80 million visitors a month, it's a popular destination. And at 6½ years of age, it turns a profit from displaying ads and taking a cut of sales and subscriptions. Book deal: Last month Scribd struck a deal with publisher HarperCollins to make thousands of book titles available by subscription on its service.
BUSINESS
July 28, 2013 | By Ronald D. White
Emulex Corp. in Costa Mesa designs and makes chips that help data move faster through computer servers and storage networks. The company's Ethernet and Fibre Channel products have been built into the server and storage products of such well-known companies as Dell Inc., Intel Corp., Cisco Systems Inc., Hewlett-Packard Co., Oracle Corp. and IBM Corp. Fibre Channel is a rival networking standard to Ethernet for transmitting data between computer devices. The company, founded in 1979, said in its fiscal third-quarter financial report that its products can be found somewhere in the data centers "of nearly all of the Fortune 1000" companies.
BUSINESS
July 18, 2013 | By Andrew Tangel
NEW YORK -- Morgan Stanley's profit jumped 42% in the second quarter, boosted by trading, wealth management and investment banking. The major Wall Street bank reported $802 million, or 41 cents a share, in second-quarter net income, up from $564 million, or 29 cents, in the same period a year ago. The results included a $152-million charge stemming from the bank's acquisition of the remaining stake in the Morgan Stanley Smith Barney joint venture...
BUSINESS
July 17, 2013 | By Andrew Tangel
NEW YORK -- Bank of America Corp.'s profit jumped 63% in the second quarter as the financial giant continued to cut costs and struggled to clean up its troubled mortgage business. The Charlotte, N.C.-based bank said it earned $4 billion, or 32 cents a share, in net income in the second quarter, up from $2.5 billion, or 19 cents, in the same period a year ago. Revenue increased 3.5% to $22.7 billion. The results beat analysts' expectations of per-share earnings of 25 cents, according to data compiled by Thomson Reuters.
BUSINESS
July 12, 2013 | By Jim Puzzanghera
WASHINGTON - Sen. Elizabeth Warren has launched a campaign to make banks boring again as she pushes legislation to enact stricter regulations forcing deposit-taking financial institutions out of the investment business. The Massachusetts Democrat wants to reinstate the Depression-era Glass-Steagall law, which separated what she called boring checking and savings accounts that are backed by the Federal Deposit Insurance Corp. from risky investment banking. And after joining three other senators Thursday in introducing a bipartisan bill to do that, Warren went to Twitter to rally support.
BUSINESS
December 20, 2000 | Bridge News
Morgan Stanley Dean Witter (MWD) and Goldman Sachs Group (GS), two of the biggest U.S. investment banks, said fiscal fourth-quarter earnings fell as revenue from trading and investment banking declined amid sliding equity markets. Morgan Stanley's quarterly net income fell to $1.21 billion, or $1.06 a share, from a record $1.63 billion, or $1.42 per share, last year. The results fell short of First Call/Thomson Financial's average estimate of $1.29 a share.
BUSINESS
April 29, 1999 | Debora Vrana
W.R. Hambrecht & Co., the San Francisco investment bank founded by Bill Hambrecht, said Wednesday that computer networking giant Novell Inc. has taken a minority stake in the firm. The size and amount of the stake by Novell, made through its venture capital arm, wasn't disclosed. The investment is expected to help W.R. Hambrecht, formed in January 1998, fund its growth. The firm recently launched its OpenIPO system, an auction-based method of taking companies public on the Internet.
BUSINESS
July 12, 2013 | By Jim Puzzanghera
WASHINGTON -- Sen. Elizabeth Warren has launched a campaign to make banks boring again as she pushes legislation to enact stricter regulations forcing deposit-taking financial institutions out of the investment business. The Massachusetts Democrat wants to reinstate the Depression-era Glass-Steagall law, which separated what she called boring checking and savings accounts that are backed by the Federal Deposit Insurance Corp. from risky investment banking. And after joining three other senators Thursday in introducing a bill to do that, Warren went to the Twitterverse to rally support.
BUSINESS
April 17, 2013 | By E. Scott Reckard
Bank of America Corp. quadrupled its first-quarter profit, reducing expenses and loan losses and reporting better brokerage and investment banking results, but continued to be bogged down by its mortgage operations, disappointing investors. Trying to regain forward momentum after two years of downsizing, the nation's second-largest bank said Wednesday its revenue fell 8% from last year to $23.9 billion. That was better than the $23.4 billion Wall Street had expected, in contrast with rival megabanks Wells Fargo & Co. and JPMorgan & Co., which missed analysts' estimates for revenue when they reported results last week.
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