Morgan Stanley Profit, Revenue Rise

The Wall Street firm said its quarterly profit rose 25% from a year ago, another big U.S. bank to skate unscathed through the rockiest economy in years. Trading revenue increased 20%, following the trend at rivals. 


 
Fed's Daly Calls for More Fiscal Aid

Federal Reserve Bank of San Francisco leader Mary Daly said Thursday that while the outlook for the economy remains uncertain, she believes central bank policy is well situated to help assist the recovery. 


 
Stock and Bond Investors Disagree on European Banks

Bond investors are signaling confidence in European banks even as their share prices languish. 


 
Financial Services Roundup: Market Talk

The latest Market Talks covering Financial Services 


 
Citigroup Executive to Join New York City Mayoral Race

Ray McGuire, a vice chairman at Citigroup, said he is leaving the investment bank to run for mayor of New York City in the November 2021 election. 


 
Wells Fargo Fires Employees Who Applied for SBA Pandemic Loans

Wells Fargo & Co. fired more than 100 employees for allegedly defrauding a federal pandemic-relief program. 


 
Vista Equity's Robert Smith Reaches Settlement With DOJ

The billionaire is set to pay $140 million and admit liability for additional taxes owed and not properly filing foreign bank account reports but won't be prosecuted. 


 
HarbourVest Raises Over $8 Billion for New Secondary Fund

The Boston firm aims to capitalize on a booming market for secondhand fund stakes. 


 
Fed Official Wonders Whether Treasury Market Can Handle Massive Issuance Alone

The Federal Reserve's point man on financial regulation said the Treasury market has grown so large that some level of central bank involvement may need to continue to ensure orderly trading conditions. 


 
Fed's Clarida Says Continuing Support Will Be Needed to Sustain Recovery

The Federal Reserve Vice-Chairman said the U.S. economy's recovery has been surprisingly strong after a heavy hit earlier in the year, but that continuing support will be needed to recover what was lost so far during the pandemic.

(END) Dow Jones Newswires

10-15-20 1615ET