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Morgan Stanley posted an about 57% rise in fourth-quarter profit on Wednesday, as the Wall Street bank’s trading business benefited from coronavirus-induced volatility in financial markets.

Net income applicable to common shareholders rose to $3.27 billion, or $1.81 per share, in the quarter ended Dec. 31, compared with $2.09 billion, or $1.30 per share, a year earlier.

Analysts had expected a profit of $1.27 per share, according to Refinitiv IBES data.


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Boutique investment bank Perella Weinberg Partners on Wednesday agreed to go public through a merger with a blank-check firm, or a special purpose acquisition company (SPAC), backed by banking entrepreneur Betsy Cohen in a deal valued at $975 million.

Cohen’s FinTech Acquisition Corporation IV, which had raised $230 million in September through an initial public offering (IPO), will acquire Perella Weinberg in a deal that includes a commitment of $125 million from investors such as Fidelity Management and Wellington Management.


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JPMorgan Chase & Co’s expenses in 2021 will likely top $67 billion, slightly more than analysts’ estimates, because of company investments CEO Jamie Dimon said on Tuesday at an investor conference.

Dimon, speaking in a webcast video interview by Goldman Sachs banking analyst Richard Ramsden, also said he would like to buy asset management businesses and financial technology companies.

Addressing the camera, Dimon said, “Asset management: My line is open.”


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Goldman Sachs Group Inc has signed a pact to buy out its China joint venture partner to make it the most advanced foreign bank to take full ownership of a mainland securities business.

The process to boost its stake in the Goldman Sachs Gao Hua (GSGH) venture from 51% to 100% has also been initiated with regulators, according to an internal memo issued on Tuesday to staff of the Wall Street bank.

A spokesman for Goldman Sachs in Hong Kong confirmed the memo content.


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JPMorgan Chase & Co is facing a potential fine over "historical deficiencies" in internal controls in its role as an adviser to customers within its U.S. bank, it disclosed in a regulatory filing late on Monday.

The largest U.S. bank, which earlier this year agreed to pay more than $920 million and admitted to wrongdoing to settle federal U.S. market manipulation probes, said it was in talks with a U.S. regulator to resolve the latest issue.

Although JPMorgan did not name the regulator, it added that there was no assurance that the current talks would lead to a resolution.


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HONG KONG (Reuters) - JPMorgan will own 71% of its Chinese securities joint venture after completing the transaction to buy a 20% stake from one of its local partners, according to an exchange filing on Monday.

The deal, which was first flagged in September, will see the Wall Street bank edge closer to full ownership of the securities business in China as geopolitical relations between the United States and China remain fragile.

It will also position JPMorgan as the foreign bank with the highest ownership stake in a mainland Chinese securities joint venture.


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Goldman Sachs Group Inc attempted to cover up allegations of workplace sexual misconduct by the bank’s global head of litigation, a lawsuit filed on Monday in New York State Supreme Court claimed.

The lawsuit was filed by Marla Crawford, a former associate general counsel at the bank, against Goldman Sachs, the bank’s General Counsel Karen Seymour and its Global Head of Litigation, Darrell Cafasso.

The lawsuit claimed Cafasso used hi...


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Goldman Sachs on Thursday agreed to pay nearly $3 billion to settle a probe into its role in Malaysia’s 1MDB corruption scandal, and its Malaysia unit agreed to plead guilty to violating foreign bribery laws, drawing a line under a saga that has dogged the bank for years.

The settlement resolves a probe by U.S. authorities into the bank’s role in underwriting three bond offerings in 2012 and 2...


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Morgan Stanley eased past Wall Street estimates for profit on Thursday, wrapping up mixed third-quarter earnings for big U.S. banks that saw those focused on trading clocking big gains while retail banks took a hit from the pandemic.

Wall Street trading powerhouses Morgan Stanley and Goldman Sachs capitalized on a flurry of activity in financial markets as clients bought and sold stocks in response to the coronavirus pandemic ...


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Goldman Sachs Group Inc reported a 94% rise in quarterly profit on Wednesday that swept past estimates, driven by strength in its bond trading business and lower provisions for credit losses.

With a 29% jump in trading revenue, Goldman easily outperformed rivals JPMorgan Chase & Co and Citigroup Inc as financial market volumes broke records in a recovery from a coronavirus-led selloff.

Bond trading revenue surged 49% to $2.5 billion, while equities trading ...