The bank's trading business, like those of its main rivals, got a boost in the quarter after the Swiss central bank scrapped a cap on the franc, the European Central Bank announced its quantitative easing program and the U.S. Federal Reserve took steps toward tightening monetary policy. Morgan Stanley capped a mostly strong quarter for the big U.S. banks with its 60 percent rise in net profit, followed by Goldman Sachs Group Inc, whose profit jumped 41 percent. Morgan Stanley is focusing less on bond markets and more on managing money for the rich as a way to free up capital and meet stricter regulatory rules imposed since the financial crisis.
"James is a giant!" said Alwaleed, a Murdoch family ally and one of Fox’s top shareholders with a 6.6 percent voting stake, in an interview. The billionaire prince's seal of approval - and increasing acceptance of James by other shareholders - may be laying the ground for Fox to give the 42-year-old day-to-day control of the company sooner rather than later.
Boutique investment banks such as Allen & Company, Centerview Partners and Paul Taubman's PJT Partners have limited resources compared to their larger brethren, and they use them to win mandates on a few big deals. Yet it is megadeals such as the Comcast-Time Warner Cable buyout, that carry the most regulatory risk.