4 Financial Stock Stories to Kick Off Another Earnings Week

The Goldman Sachs Group Inc. (NYSE:GS): Current price $165.97

In an amazing game of musical chairs for aluminum, Goldman is employing a fleet of trucks to move its holdings of the metal from one warehouse in Detroit to another, to comply with rules set by the London Metals Exchange. According to The New York Times on Sunday, Metro International, a Goldman subsidiary, holds some 1.5 million tons of aluminum in its Detroit facilities. However, under the rules of the Exchange, the aluminum is not allowed to simply stay put in a single warehouse. Owing to this, a minimum of 3,000 tons per day must be moved — in this case not to customers, but from one warehouse to another.

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Citigroup (NYSE:C): Current price $52.77

Citi has set up a depositary facility in the Netherlands, and has named a new depositary head in that country. The bank can now support locally-domiciled funds having independent depositary capabilities, such as oversight of funds’ service providers, safekeeping of funds’ assets, and daily automated monitoring of funds’ investment guidelines and regulatory limits. The firm has held a presence in the Netherlands since 1964, and offers a wide range of financial services and products through the full spectrum of Global Markets, Corporate and Investment Banking, Securities and Fund  Services, and Trade and Treasury Solutions.

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Morgan Stanley (NYSE:MS): Current price $27.63

Morgan Stanley has lost its world head of rates strategy, Laurence Mutkin, to join BNP Paribas. The United Kingdom’s Financial Services Register indicates that Mutkin exited the bank on July 4. He was a frequent commentator for Morgan Stanley and served the company for seven years. An inside source told Financial News that Mutkin is ready to join BNP Paribas, but his role at the French bank is not known.

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Wells Fargo & Co. (NYSE:WFC): Current price $44.59

The capital markets and investment banking arm of Wells Fargo & Company, Wells Fargo Securities, said Monday that Mark Jones has been appointed chief of Wells Fargo Securities Asia. In this newly created role, based in Hong Kong, Jones will be responsible for managing investment banking and capital markets activities, like advisory services and sales and trading, for the Asia Pacific region. He will report jointly to the co-chiefs of Wells Fargo Securities’ Markets  Division, and the co-heads of the Investment Banking and Capital Markets  group in the United States.

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