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Five U.K. banks may have to pay hundreds of millions of pounds in a levy that aims to charge them for the risks they pose to the country’s economy.

The planned bank levy will raise a total of 2.5 billion pounds ($3.59 billion) a year from 2012 onwards, The Wall Street Journal said.

The levy has two goals, according to Financial Secretary to the Treasury, Mark Hoban.

“First, ensuring…

Continue reading U.K. Banks Face Government Levy

U.K. Banks Face Government Levy originally appeared on DailyFinance on Thu, 09 Dec 2010 09:02:00.

Filed Under: Company News, Taxes, Credit

Morgan Stanley said it is divesting its 6.7% stake in investment manager Invesco. The investment bank will sell the 30.9 million shares it received as part of the sale of its Van Kampen mutual fund portfolio to Invesco, a stake worth nearly $717 million at Tuesday’s closing price of $23.20.

Continue reading Morgan Stanley to Sell Its Invesco Stake

Morgan Stanley to Sell Its Invesco Stake originally appeared on DailyFinance on Wed, 10 Nov 2010 08:30:00.

Filed Under: Company News, Investing, Morgan Stanley , Stocks in the News

Goldman Sachs is expected to report a sharp drop in third-quarter earnings early Tuesday, due to a decline in trading activity in a market that’s been light on volume for months. Goldman is forecast to report adjusted earnings of $2.28 a share.

Continue reading Goldman Sachs Earnings Preview: Expect Lower Profits

Goldman Sachs Earnings Preview: Expect Lower Profits originally appeared on DailyFinance on Mon, 18 Oct 2010 13:52:00.

Filed Under: Company News, Economy, Investing, Earnings, Goldman Sachs , Market News

Bank of America (BAC) is reportedly laying off as many as 400 people as revenue from trading and advising clients falls.

Bank of America, the country’s largest bank by assets, is laying off people ranging from junior analysts to managing directors, Bloomberg News said without naming its sources.

“This sounds like an acceleration of the usual year-end cutbacks among the lowest…

Continue reading Bank of America Reportedly Planning Layoffs

Bank of America Reportedly Planning Layoffs originally appeared on DailyFinance on Tue, 21 Sep 2010 07:02:00.

Filed Under: Company News, People, Investing, Bank of America, Credit