4 Financial Stock Stories For the Long Weekend

HSBC Holdings (NYSE:HBC): Current price $55.29

Judge John Gleeson might cancel the so-called deferred prosecution agreement made in December, that allowed HSBC immunity from allegations that it allowed terrorists to move a minimum of 584 million pounds about the financial system. Such a ruling could leave the firm open to criminal prosecution, along with a ban from operating in the United States, although HSBC disputes that. The Justice Department is said to be challenging Gleeson’s need to approve the deal. He last mentioned the case in February, saying that he had neither approved nor disapproved the resolution. In a statement, HSBC commented in part that “for more than two years, our new leadership team in both New York and London has been implementing reforms and new controls, investing in compliance systems and staff, and putting in place the most effective global standards across our network to combat financial crime on a global basis.”

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HBC

Morgan Stanley (NYSE:MS): Current price $24.22

On Friday, Morgan Stanley announced a shakeup of its Asia equities capital markets team, naming Jerome Leleu and Mille Cheng as co-heads of its equity capital markets business in Asia. The two will replace Justin Haik, who is transitioning to a new position as senior client relationship manager for equities in Asia. The changes were announced in an internal memo, verified by a Morgan Stanley spokesman.

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MS

Gramercy Property Trust (NYSE: GPT): Current price $4.72

Gramercy reported Friday that it has closed on a $14.5-million senior mortgage financing with Northwestern Mutual Real Estate Investments. The 3.28-percent five-year, fixed-rate loan is secured by the firm’s previously-purchased 540,000 square foot industrial portfolio located in the Indianapolis metro area. Gramercy Property Trust is a self-managed, integrated commercial real estate investment and asset management firm, which owns, directly or in joint ventures, 105 buildings that total 4.0 million square feet of office and 1.7 million square feet of industrial, which are net leased on a long-term basis to tenants.

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GPT

Ellington Management Group (NYSE:EFC): Current price $25.08

Ellington Management Group of Old Greenwich, Connecticut, has hired Steven Abreu from GMAC Mortgage so as to initiate an origination division. Abreu is the former president of GMAC Mortgage, starts at Ellington Friday in the newly-created position of head of mortgage originations, according to a company statement, a copy of which was obtained by Bloomberg News. Abreu will endeavor to buy one or more originators via its publicly traded affiliate, Ellington Financial, said the statement. Ellington is a $5.5 billion investment company founded by Michael Vranos that specializes in mortgage-backed bonds.

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EFC

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