Morgan Stanley

Major U.S. banks shaved about $21 billion from their tax bills last year — almost double the IRS’s annual budget — as the industry benefited more than many others from the Republican tax overhaul.

In letters to the Treasury secretary and CEOs of the largest banks, the Massachusetts Democrat questioned why Mnuchin was trying to quell liquidity fears that had not previously been mentioned by regulators.

Goldman Sachs CEO David Solomon sticks to rogue banker defense in scandal; bank misses earnings, revenue estimates.

There had been a cascade in recent days of downgrades and other negative forecasts in connection with big banks, but some analysts on Wednesday picked up the industry's argument that fundamentals are stronger than the markets are giving banks credit for.

The alleged supervisory lapses occurred over a five-year period, according to the regulator.

Treasury Secretary Steven Mnuchin called top executives from the six largest U.S. banks over the weekend, he said Sunday on Twitter, a move that followed heavy losses in the stock market last week and a partial federal government shutdown.

The firms' profit reports this week showed they're increasingly rushing into the booming market for lending to high-net-worth individuals. So far, it's paying off: Morgan Stanley has tripled those loans in the past five years, while Goldman Sachs is expanding overseas.

A definition would give lenders a clearer idea of what practices are off limits; the mutual fund giant will provide the service for institutional clients.

It should come as no surprise that Meera Clark would gravitate to ventures like Morgan Stanley's Multicultural Innovation Lab, which pairs venture capital with founders from diverse backgrounds. After all, her mother, Ranjana Clark, is a disruptive trailblazer of her own at MUFG.

To keep pace with its peers, Morgan Stanley is ramping up its online offerings in banking and wealth management.