4 Financial Stock Stories Making Tuesday Headlines

Morgan Stanley (NYSE:MS): Current price $26.38

U.S. District Judge Denise Cote has ruled that Morgan Stanley is entitled to $10.2 million in restitution from former hedge fund manager Joseph Skowron, who is currently serving a five-year prison term for insider trading. Skowron had requested the court set aside a restitution order imposed by a judge following his pleading guilty to conspiring to commit securities fraud and obstruct justice. Skowron owed the bank 20 percent of his salary from 2007 to 2010, or $6.4 million, along with $3.8 million in legal fees. On Tuesday, the appellate court upheld Cote’s ruling that the compensation is bank property because Skowron “manifestly failed to provide the honest services for which Morgan Stanley compensated him.”

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 MS

Goldman Sachs Group (NYSE:GS): Current price $160.24

Goldman Sachs on Tuesday posted better-than-anticipated earnings after its private equity and debt underwriting units performed strongly during an end-of-quarter rise in interest rates. The firm’s earnings were lifted by record debt underwriting revenue along with strong year-over-year growth throughout its trading, investment banking, and private equity businesses. The bank’s debt underwriting unit posted record quarterly revenue of $695 million, significantly surpassing estimates, which helped push flat investment banking revenue from the first quarter.

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 GS

Wells Fargo & Co. (NYSE:WFC): Current price $43.02

Presently, Wells Fargo obtains only 3 percent of its revenue from overseas markets, and it intends to build out its real estate investment-banking business as part of a move into the United Kingdom. The bank will depend upon its subsidiary Eastdil Secured LLC to advise British customers on deals and assist them in securing financing, according to Mark Myers, chief of Wells Fargo’s commercial real estate division. The bank  had already announced plans to broaden lending backed by United Kingdom commercial properties.

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 WFC

Barclays (NYSE:BCS): Current price $18.64

Barclays has recruited JPMorgan executive Tushar Morzaria to become its new finance director, offering him as much as $9.1 million in yearly pay and awards to help the U.K.-based bank recover from a number of scandals. The firm has pledged to improve relations with regulators and elevate its standards; its shortcomings were revealed when Barclays was fined $450 million in June 2012 for manipulating Libor. However, its capital strength is also under scrutiny, and it is in discussions with the Bank of England as to how to shrink leverage after being warned in June that it had to do so.

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 BCS

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