4 Financial Stock Stories Making Tuesday Headlines

UBS (NYSE:UBS): Current price $18.07

On Tuesday, the United Kingdom’s fraud prosecutor charged the former UBS and Citigroup (NYSE:C) trader Tom Hayes with eight counts of conspiracy to defraud, while it set the groundwork for what might become the first Libor trial. Hayes was arrested by London police and the Serious Fraud Office in December as part of a worldwide inquiry, traversing North America, Europe and Japan, into the manipulation of benchmark interest rates. Thus far, United States. and British regulators have fined three banks, among which include UBS, a total $2.6 billion for their role in the scandal.

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UBS

Morgan Stanley (NYSE:MS): Current price $26.32

The Philadelphia-based brokerage Janney Montgomery Scott said Tuesday that it has recruited a team of veteran advisers from Morgan Stanley Wealth Management to join its private client group in Maryland. Advisers Alfred DeRenzis and Scott Ford came to Janney in late May from Morgan Stanley, where they had overseen $159 million in client assets, and had annual revenue output in excess of $1.2 million. DeRenzis has been employed in the advising industry for 32 years, and joined Janney as a senior vice president, while Ford, who is a 26-year industry veteran, joined Janney as a first vice president. The two executives were joined by registered private client assistant Karen Seipp, who is also from Morgan Stanley.

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MS

Goldman Sachs Group (NYSE:GS): Current price $164.15

Goldman Sachs’ former chief of EMEA syndicate and leveraged capital markets Ian Gilday, has assumed a new position as the  head of origination for collateralized loan obligations in the Europe, Middle East and Africa region, said an internal memo obtained by IFR, confirmed by Goldman Sachs, which also indicated that Gilday has relocated to the securities division, working in fixed income currency and commodities credit as part of the move. This is a newly-formed role, and is part of an expected resurgence in CLO activity during the coming months.

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GS

Deutsche Bank (NYSE:DB): Current price $46.36

The German megabank believes that commodity prices are set to remain in “subdued territory for years to come,” following a bull run that nearly quadrupled prices in the past 12 years. Banks ranging from Citigroup to Goldman Sachs have announced an end to the commodities supercycle, as the economy in China, which is the number-one user of raw materials, grows at a slower rate and the country transitions to consumer-driven growth. The Standard & Poor’s GSCI Index of 24 raw materials fell by 2.5 percent in 2013 after almost increasing by a factor of four since 2001. In a Tuesday email report,Deutsche Bank’s economists Taimur Baig and Jun Ma remarked that “Many of the factors and fears that drove the supercycle have dissipated in the last few years. Emerging markets demand is robust but not as insatiable as once thought, especially with China’s appearing to be slowing down. Fear of a global spike in inflation due to exceptionally loose monetary policy has proven to be unfounded.”

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DB

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