Investment Bank, Financial Institution | featured news

Massachusetts' securities regulator fined Morgan Stanley $5 million over its handling of Facebook's IPO, saying investment bankers had "improper influence" over the research analysts covering Facebook.

Goldman Sachs says its net income fell 11 percent in the April-to-June period after the investment bank's clients made fewer deals and avoided volatility in global financial markets. The New York bank said its net income fell to $962 million, or $1.78 per share, for the quarter. That compares with $1.09 billion, or $1.85 per share, a year ago. It's also far more than the $1.17 per share that analysts were expecting.

Shares of JPMorgan Chase & Co. tumbled in premarket trading Thursday as a published report said that the bank's losses on a bad trade may reach as much as $9 billion - far higher than the estimated $2 billion loss disclosed last month.

An executive resigning from the investment bank Goldman Sachs says other executives there referred to clients as "muppets." Greg Smith wrote a blistering essay about the company that was published Wednesday in The New York Times.