05-22-2018  2:39 pm      •     
  • 1
  • 2
  • 3
  • 4

NEWS BRIEFS

Mississippi Avenue Giving Tuesday

On Tuesday, May 22, 10 percent of proceeds from participating Mississippi Ave. businesses will go to SEI ...

Raina Croff to Speak at Architectural Heritage Center

'When the Landmarks are Gone: Older African Americans, Place, and Change in N/NE Portland’ describes SHARP Walking Program ...

Portland Playhouse Presents August Wilson’s ‘Fences’ Through June 10

May 20 performance will include discussion on mental health; June 10 performance will be followed by discussion of fatherhood ...

Peggy Houston-Shivers Presents Benefit Concert for Allen Temple CME

Concert to take place May 20 at Maranatha Church ...

Police identify driver in Oregon crash that killed 4

YONCALLA, Ore. (AP) — Authorities have identified the wrong-way driver in a fiery, quadruple fatal crash in southwestern Oregon.Oregon State Police say a car driven by 65-year-old Gayle Ward of Vancouver, Washington, was southbound on Interstate 5 when it suddenly turned around and began...

Agencies warn of cougars after fatal attack on cyclist

BEND, Ore. (AP) — Local and federal agencies are warning residents in western Washington and central Oregon to be on the lookout for cougars.The Sunriver Police Department and the Bureau of Land Management both issued warnings Saturday after sightings of the animal were reported in Sunriver...

Police identify driver in Oregon crash that killed 4

YONCALLA, Ore. (AP) — Authorities have identified the wrong-way driver in a fiery, quadruple fatal crash in southwestern Oregon.Oregon State Police say a car driven by 65-year-old Gayle Ward of Vancouver, Washington, was southbound on Interstate 5 when it suddenly turned around and began...

Agencies warn of cougars after fatal attack on cyclist

BEND, Ore. (AP) — Local and federal agencies are warning residents in western Washington and central Oregon to be on the lookout for cougars.The Sunriver Police Department and the Bureau of Land Management both issued warnings Saturday after sightings of the animal were reported in Sunriver...

OPINION

Golfing While Black Is Not a Crime

Grandview Golf Club asks five Black women to leave for golfing too slow ...

Discovering the Best of Black America in 2018

Dr. Benjamin F. Chavis discusses the DTU Journalism Fellowship & Scholarship Program ...

Will Israel’s Likud Party Ever Respect the Rights of Palestinians?

Bill Fletcher weighs in on the precarious future of the two-state solution between the Israeli government and the Palestinian people ...

The Future of Medicinal Marijuana in Pets

Dr. Jasmine Streeter says CBD-derived products show beneficial therapeutic benefits for pets ...

AFRICAN AMERICANS IN THE NEWS

The Latest: Clinton backing Abrams for Georgia governor

ATLANTA (AP) — The Latest on the gubernatorial primary in Georgia (all times local):5:40 p.m.Hillary Clinton is urging Democrats in Georgia to make sure to vote in support of Stacey Abrams for governor.Clinton recorded a 60-second endorsement used by the Abrams campaign in direct phone calls...

Palestinians ask ICC to investigate alleged crimes by Israel

THE HAGUE, Netherlands (AP) — Accusing Israel of systematic crimes, including apartheid in the occupied territories, Palestinians on Tuesday urged the International Criminal Court to open an investigation that could ultimately lead to charges against Israeli leaders.Israel immediately...

Man charged with shooting at black teen waives hearing

ROCHESTER HILLS, Mich. (AP) — A white suburban Detroit homeowner accused of shooting at a black teenager who came to his door to ask for directions will stand trial.Jeffrey Zeigler was bound over Tuesday to circuit court after waiving his preliminary examination on assault with intent to...

ENTERTAINMENT

Roseanne Barr promises an upbeat 'Roseanne' season finale

NEW YORK (AP) — Roseanne Barr says the season finale of her revived and controversial ABC sitcom "Roseanne" will come to a climax Tuesday with the embrace of a hopeful principle."We're wrapping up the season in a great way that kind of gives the idea that government can really help people....

Woman accuses R. Kelly of sexual battery, giving her herpes

NEW YORK (AP) — R. Kelly sexually abused and demeaned a woman, locked her in rooms and vehicles for punishment and infected her with herpes, according to a lawsuit that furthers a string of misconduct accusations against the platinum-selling singer.Faith Rodgers said in the suit filed Monday...

A farewell to the road for Paul Simon

NEW YORK (AP) — Farewell tours don't always mean farewell, but are a ripe time for appreciation and appraisal. Paul Simon's concerts and a new biography offer the opportunity for both.Simon's "Homeward Bound" tour began last week in Vancouver and takes him across North America, to Europe and...

U.S. & WORLD NEWS

Judge sides with parents, boots adult son from New York home

SYRACUSE, N.Y. (AP) — In a real-life case of "Failure to Launch," an upstate New York judge Tuesday ordered...

Trump won't say if he has confidence in Rosenstein

WASHINGTON (AP) — President Donald Trump declined to say Tuesday whether he has confidence in Deputy...

The princes, the president and the fortune seekers

WASHINGTON (AP) — After a year spent carefully cultivating two princes from the Arabian Peninsula, Elliott...

Tear gas, broken windows disrupt Paris labor march

PARIS (AP) — Clashes between police and groups of masked youths erupted Tuesday on the sidelines of a labor...

The Latest: Italy PM pick had 'no official status' at NYU

MILAN (AP) — The Latest on the law professor picked to be Italy's next premier (all times local):9:45...

The princes, the president and the fortune seekers

WASHINGTON (AP) — After a year spent carefully cultivating two princes from the Arabian Peninsula, Elliott...

Maureen Farrell CNN Money

NEW YORK (CNNMoney) -- If this is the new Morgan Stanley, investors aren't impressed.

The bank's burgeoning wealth management division logged strong gains, but sharp declines from its trading division rattled investors Thursday.

Investors also didn't seem to care that the bank beat analysts' forecasts for both profits and revenues.

Shares fell more than 4%.

As part of a major renovation of its banking business to move away from the risky behavior that nearly felled the bank during the financial crisis, Morgan Stanley has been building out its brokerage arm that caters to retail investors.

Morgan Stanley is in the process of buying the rest of what was once the brokerage firm Smith Barney from Citigroup. The two banks had operated the brokerage firm as a joint venture since Morgan Stanley purchased a stake in 2009.

Investors worry that profits and revenues in the brokerage business won't be enough to offset potential declines if Morgan Stanley's investment banking franchise loses it luster and trading revenues keep slipping.

"What is Morgan Stanley giving up in trying to dominate the retail side of the business?" questioned Guggenheim analyst Marty Mosby.

Breaking down the balance sheet. Morgan Stanley earned $1.2 billion, or 61 cents per share, on $8.5 billion in net revenues in the first quarter.

Revenues in the wealth management division rose by 5%, while profits jumped 48% from a year earlier.

But trading revenue overall fell 32% from the previous year, with debt trading falling sharply.

Those declines were partially offset by investment banking revenues, which rose from a year earlier, helped by bond and loan underwriting.

Morgan Stanley's return on equity -- a measure of how successfully a company returns capital to shareholders -- decreased to 7.6% from a year earlier. Gorman said the bank continues to target 10% but that would still lag its peers. Goldman Sachs' ROE was 12.4% in the first quarter.

Morgan Stanley made some progress cutting compensation costs. Last year, compensation and benefits were roughly 64% of revenues. This quarter, that figure stood at 52%.

"Morgan Stanley has historically been seen as the most generous bank on the Street, and that hasn't been a good thing," said Christopher Wheeler, a bank analyst at Mediobanca.

Looking ahead, CEO James Gorman was more sanguine than many of his banking peers about the health of the global economy.

"We believe the broad economic outlook for the next several years is stronger than in the recent past," said Gorman in a statement, though he acknowledged "the global environment continues to have moments of fragility."

Morgan Stanley is the last major bank to report first quarter results. Bank earnings from Bank of America,Goldman Sachs,JPMorgan Chase, andWells Fargo have been mixed to poor. Only Citigroup managed to please investors.

 

Oregon Lottery
Calendar

Photo Gallery

Photos and slide shows of local events

The Skanner Report

repulsing the monkey