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Goldman Sachs Extends Lead in US Brokerage
FOW.com | Jan 5
Goldman Sachs has strengthened its position as the top US futures broker, according to new data from the US Commodity Futures Trading Commission. With a 21% growth in customer business to $26.4 billion between October and November last year, Goldman Sachs was the strongest growing tier one futures commission merchant (FCM) in the US. This sudden increase widened the gap between Goldman and JP Morgan, the second largest FCM, to $6 billion from a $2 billion gap in October. JP Morgan's futures broking business grew 3% in the month to $20.3bn, according to the CFTC data. Eight of the top 10 US FCMs saw client business grow in November 2016.
Morgan Stanley Said to Cut Equities Traders’ Bonus Pool Up to 4%
Bloomberg | Jan 5
Morgan Stanley, Wall Street’s biggest stock-trading firm by revenue, is cutting its global bonus pool for the equities division by as much as 4 percent after the industry’s results flagged last year, according to people with knowledge of the plans. The firm, which is set to pay annual bonuses to employees next month, has been fine-tuning calculations for pay packages since November, according to the people, who asked not to be identified describing the deliberations. Morgan Stanley’s equities revenue dropped 3.5 percent to $6.08 billion during the first nine months of 2016.