Firms that help companies raise money and let investors trade — advising on big deals and running the brokerages where shares are bought and sold.
Contains
News movingInvestment Banking & Brokerage
United States
Investment Banking & Brokerage▲
Morgan Stanley Builds Bitcoin ETF Stake With Steady Buying Streak
Morgan Stanley is making a mark in the Bitcoin ETF market as it has maintained a long streak of steady Bitcoin purchases regardless of the unstable market conditions. The bank's Bitcoin stash is piling up, with a $1 Billion milestone now in view. The buying has continued through unstable market conditions, underscoring the firm's persistent accumulation of Bitcoin ETF exposure.
Houlihan Lokey Hires Jane Ma as Managing Director in Financial Services Group
Houlihan Lokey has hired Jane Ma as a Managing Director in its Financial Services Group, based in New York. Ma joins from Moelis & Company, where she spent 16 years and most recently served as a Managing Director covering asset management, wealth management, and asset and wealth management technology. Her coverage at Houlihan Lokey will focus primarily on alternative asset managers, with additional time dedicated to wealth management services and asset and wealth technology. Jeffrey Levine, Managing Director and Global Co-Head of the Financial Services Group, said Ma's background in the asset and wealth management sectors enhances the firm's existing advisory capabilities. In 2025, Houlihan Lokey's Financial Services Group was ranked the No. 1 M&A advisor for global financial services transactions under $5 billion by LSEG, excluding accounting firms and business brokers.
LPL Financial Adds Praxis Financial Partners With $1.1 Billion in Assets
LPL Financial LLC announced that Praxis Financial Partners advisors Scott Christian, Cecil Loyd, Jay Gentry and Matt Dion have joined its broker-dealer and Registered Investment Advisor platform, bringing approximately $1.1 billion in advisory, brokerage and retirement plan assets from Wells Fargo Advisors Financial Network. Based in Alpharetta, Georgia, Praxis is a planning-focused wealth management practice serving business owners, corporate retirees, executives and multigenerational families across 24 states, tracing its roots to 2013 when Christian and Loyd launched the firm. The team said it chose LPL after evaluating more than a dozen firms, citing greater flexibility, advanced planning capabilities, access to emerging technology and support for its long-term independence and succession strategy. LPL Chief Growth Officer Marc Cohen said the four advisors had built Praxis with a clear sense of purpose and a disciplined, planning-first approach. LPL Financial Holdings Inc. supports more than 32,000 financial advisors and approximately 1,100 financial institutions, custodying roughly $2.6 trillion in brokerage and advisory assets.
Daiwa says vendor hack may expose data of 110,000 clients
Daiwa Securities said on Monday that information on as many as 110,000 clients may have been leaked following unauthorized access to servers operated by an external vendor. The Japanese brokerage disclosed that Scala Communications had found evidence of unauthorized access and a possible data leak, and said the exposed information includes clients' names, email addresses and securities account numbers. The broader incident may involve about 220,000 records, including records that do not contain information identifying individuals. Daiwa said the leaked information cannot be used to access securities accounts or conduct online trading, that it has not detected any inappropriate transactions linked to the incident, and that its own systems were not breached, with the unauthorized access occurring at the external vendor's servers. Scala notified Daiwa after identifying evidence of the intrusion and has taken emergency security measures, while Daiwa is investigating the incident and assessing the extent of the information that may have been exposed. The incident adds to a growing series of cybersecurity breaches affecting Japanese companies, with Yamato Holdings and Sakura Internet also reporting unauthorized access involving customer information.
8601.JP · Regulation · Negative Daiwa disclosed a vendor breach that may have leaked data on up to 110,000 clients, exposing it to regulatory and legal fallout.
Scala Communications · Regulation · Negative Scala Communications suffered unauthorized access to its servers, the source of the Daiwa client-data leak.
Daiwa Securities Reports Possible Leak of Customer Data for About 110,000 People After Unauthorized Access at Outsourced Vendor
Daiwa Securities, a subsidiary of Daiwa Securities Group, announced on the 5th that customer information for approximately 110,000 people may have been leaked due to unauthorized access to a server at an outsourced vendor. The potentially leaked information includes names, email addresses, and account numbers, and when inquiries and other information that cannot identify individuals is included, the total reaches approximately 220,000 records. The unauthorized access occurred between around 8:33 p.m. on the 2nd and around 8:01 a.m. on the 3rd at Scalar Communications, a system company to which Daiwa Securities outsources the provision of inquiry management services, and Daiwa Securities received a report from the company on the 3rd. Scalar Communications has already implemented emergency security enhancements, and at this point no additional unauthorized access or information leaks have been confirmed, nor has any unauthorized access to Daiwa Securities' own systems been confirmed. The potentially leaked information alone cannot be used to access securities accounts or conduct transactions, and at this point no fraudulent transactions resulting from this matter, nor any public disclosure or spread of the information on the internet, have been confirmed.
8601.JP · Regulation · Negative Customer data for ~110,000 people may have leaked via unauthorized access at an outsourced vendor, exposing Daiwa Securities to a data-security/legal-compliance issue.
Charles Schwab Earnings ESP Points to Another Beat on October 15, 2026
Charles Schwab is positioned to beat earnings estimates again in its next quarterly report, according to Zacks Investment Research. The company has averaged a surprise of 4.38% over the past two quarters, reporting $1.62 per share against an estimate of $1.53 in the most recent quarter, a surprise of 5.88%, and $1.43 per share against a consensus of $1.39 in the prior quarter, a surprise of 2.88%. Charles Schwab currently carries a Zacks Earnings ESP of +0.58% and a Zacks Rank #3 (Hold), a combination that Zacks research shows produces a positive surprise nearly 70% of the time. The next earnings report is expected to be released on October 15, 2026.
Fed Rate Hike May Lift Morgan Stanley Wealth Management NII
The Federal Reserve's September rate hike could provide another earnings tailwind for Morgan Stanley's Wealth Management business, with the 25-basis-point increase in the federal funds target range to 3.75-4.00% potentially supporting yields on client cash and lending balances and lifting net interest income. Morgan Stanley enters the higher-rate backdrop from a position of strength, as Wealth Management revenues rose 15% year over year to $17.4 billion in the first half of 2026 while net interest income increased 16% to $4.4 billion, and asset management revenues climbed 17% to $10.3 billion. Net new assets reached a record $266.5 billion during the period. Even before the Fed's September move, Morgan Stanley had expected a modest sequential rise in Wealth Management net interest income in the third quarter, with further improvement supported by loan growth and deposit mix. The benefits are unlikely to be entirely one-sided, however, since higher deposit costs could limit spread expansion and persistently elevated rates could soften lending demand and pressure equity and bond valuations. Among peers, JPMorgan's Asset & Wealth Management business posted first-half revenues up 15% year over year to $13.2 billion with assets under management of $5.14 trillion, up 18%, while Goldman Sachs' Asset & Wealth Management revenues rose 15% year over year to $8.7 billion even as private banking and lending revenues declined on a lower net interest margin tied to Marcus deposits.
MS · Monetary · Positive Fed's 25bp rate hike to 3.75-4.00% could support yields on client cash and lending balances, lifting Morgan Stanley Wealth Management net interest income.
Piper Sandler Launches Infrastructure Debt Advisory Team in London
Piper Sandler Companies announced it is establishing a new infrastructure debt advisory team in its London office, led by industry veteran Stewart Robinson. Hugo Muller and Anish Shah have been hired as directors, and the team will be fully integrated into the firm's energy, power and infrastructure group, focused on advising infrastructure companies on debt financing and capital raising transactions. Robinson most recently served as a managing director and EMEA head of debt advisory at Nomura International Ltd., and previously held roles at Cantor Fitzgerald, Societe Generale, Royal Bank of Canada and Barclays Capital. Muller and Shah were previously executive directors in the debt advisory team at Nomura in London, and together bring over 20 years of debt financing experience focused on infrastructure and energy. Paul Leece, managing director and global head of infrastructure, said the team's experience across debt advisory, private placements, project bonds and infrastructure financing will strengthen the firm's integrated offering.
PIPR · Capital · Positive Piper Sandler is establishing a new infrastructure debt advisory team in London, expanding its advisory/capital-raising business.
IG Group Shares Plunge 27% as Q3 Revenue Seen Down 14% on Weaker OTC Retention
IG Group shares fell as much as 27.2% to their lowest level since April 2025 after the British online trading platform said it expected third-quarter revenue of about £240 million, down 14% from a year earlier, as it retained less revenue from customer trading losses in its over-the-counter derivatives business. The company said OTC revenue retention was about 70% in the quarter, below the roughly 80% average since it introduced changes to its market-making operations in the second half of 2025, and it cut its 2026 revenue growth outlook to a mid-single-digit percentage range year-on-year. Third-quarter net trading revenue is expected at about £210 million, down from £249.5 million a year earlier, with OTC net trading revenue falling about 18% to £155 million while OTC customer income rose about 8%. Customer activity remained strong, with organic first trades up more than 25% year-on-year and active customers rising about 17%, and the Underdog business more than doubled third-quarter net revenue to about $105 million ahead of the seasonally important fourth quarter. Chief Executive Breon Corcoran said growth in first trades and active customers remained strong in Q3 2026, while lower revenue reflected reduced OTC revenue retention in less supportive market conditions; IG also expects about £30 million of non-recurring costs in 2026 tied to moving its domicile to Jersey and restructuring, after recording £16.4 million of those costs in the first half, and excluding those and Underdog acquisition expenses it expects a 2026 EBITDA margin in the low-40% range.
Interactive Brokers September Revenue Trades Rise 6% Year-Over-Year
Interactive Brokers Group said its September daily average revenue trades rose 6% from a year earlier but fell 4% from the previous month to 4.111M. Ending client equity stood at $964.7B, up 27% year-over-year and about even with the prior month, while ending client margin loan balances were 36% higher than the prior year and 4% higher month-over-month at $105.2B. Ending client credit balances came in at $186.2B, 20% higher than a year ago and about even with the prior month. The brokerage reported 5.576M client accounts, 35% higher year-over-year and 2% up month-over-month, and 159 annualized average cleared DARTs per client account for September.
IBKR · Capital · Positive September daily average revenue trades rose 6% YoY and client accounts, equity, and margin balances all grew strongly, pointing to higher brokerage revenue.
Daiwa Securities to Form Comprehensive Alliance with Yamagata Bank, Integrating Securities Accounts to Strengthen Asset Management
Daiwa Securities Group announced on the 1st that it has signed a basic agreement with Yamagata Bank for a comprehensive business alliance centered on the asset management field. Yamagata Bank's over-the-counter sales accounts for investment trusts and public bonds will be succeeded to and integrated into Daiwa Securities, after which Daiwa Securities will entrust financial instrument intermediary services to Yamagata Bank, combining the regional customer base with the securities firm's expertise to strengthen consulting functions covering asset building as well as inheritance and business succession. The two companies aim to conclude a final contract by the end of March 2027 and plan to launch the new framework during 2028, and they said that at this point the impact of the alliance on consolidated earnings is minor. According to the two companies, in Yamagata Prefecture the share of securities in household financial assets is about 9 percent, below the national average of about 25 percent, and dependence on deposits and savings is high. Daiwa Securities has been expanding its asset management business through alliances with regional banks, including comprehensive alliances with Shikoku Bank and Iwate Bank.
8344.JP · Demand · Positive Yamagata Bank combines its regional customer base with Daiwa's expertise to expand asset-building, inheritance and business-succession consulting.
8601.JP · Demand · Positive Daiwa takes over Yamagata Bank's investment trust/bond sales accounts and gains a new regional-bank distribution channel for asset management.
StoneX Launches Singapore FX Booking Center, Adds Seven CNH Pairs
StoneX Group Inc. announced the launch of its Singapore FX booking center and SG1 connectivity, expanding the institutional FX division's capabilities across Asia-Pacific. The new center lets StoneX FX provide local pricing and execution from Singapore, improving response times and aligning client support with APAC market hours, building on the firm's existing NY4 and LD4 hubs. In parallel with the SG1 launch, StoneX FX expanded its APAC currency coverage by adding seven new CNH pairs and enhancing liquidity across JPY, SGD, HKD, KRW, TWD, INR, IDR, PHP, THB, and AED. Gerard Melia, Global Head of FX Sales, said the move aligns pricing and execution with regional market hours, while Greg Kallinikos, CEO of APAC, said Singapore is a key global FX hub and SG1 connectivity brings liquidity, technology, and expertise closer to regional clients. StoneX Group Inc. is a Fortune 50 company headquartered in New York City and listed on the Nasdaq Global Select Market under the ticker SNEX.
SNEX · Demand · Positive StoneX launched a Singapore FX booking center and added seven CNH pairs, expanding its institutional FX product coverage and client capabilities in APAC.
Morgan Stanley Said to Explore Merger With UBS Under Swiss Pressure
Morgan Stanley is reportedly exploring a potential merger or combination with UBS AG under pressure from Swiss regulators, who are said to be urging UBS to reinforce its capital position and prompting discussions with several large foreign banks. Any Morgan Stanley and UBS tie-up would rank among the largest cross-border banking deals and could reshape global investment banking. Morgan Stanley, a US-based capital markets group with a market cap of about $304.1b, runs a securities and advisory franchise spanning the Americas, Europe, Asia, the Middle East and Africa, and a UBS combination would add a deep European and cross-border wealth footprint that complements its existing US$10t in client assets. The report cuts both ways for the bank's Wealth Scale narrative: it reinforces the case for using surplus capital and regulatory headroom on selective acquisitions rather than only buybacks and organic projects, but a bigger, more complex balance sheet could pressure capital strength, invite fresh regulatory demands and distract from adviser retention amid poaching risk and fee pressure from passive products.
MS · Capital · Neutral Reported exploration of a merger/combination with UBS under Swiss regulatory pressure — a major M&A event that could reshape the bank but carries capital-strength and integration risks.
UBSG.SW · Capital · Neutral Swiss regulators are urging UBS to reinforce its capital position and it is reportedly in merger discussions with Morgan Stanley, a transformative but complex combination.
Goldman Sachs Pushes Fed Rate Hike Forecast to December After Cooler Inflation
Goldman Sachs has pushed back its forecast for the next Federal Reserve rate hike from October to December following a softer-than-expected August inflation reading, while warning that the tightening cycle may already be over. The core PCE price index rose 0.25% in August, slightly below expectations, and the annual rate fell to 3.01%, well below forecasts, partly due to methodological revisions to the portfolio management component. Goldman Chief Economist Jan Hatzius said Wednesday that the latest inflation data, combined with comments from New York Fed President John Williams, had changed the firm's view, and that an October hike now looks unlikely. Goldman now expects core PCE to grow 3.0% on a fourth-quarter-over-fourth-quarter basis, below the Fed's median forecast of 3.4%. CME FedWatch data showed markets pricing roughly a 35% probability of a December rate hike, and the next major test for Goldman's outlook will be Friday's jobs report, followed by the September CPI report and the October FOMC meeting.
GS · Monetary · Neutral Goldman pushes back its Fed rate hike forecast to December after cooler August core PCE, revising its own outlook on the tightening cycle.
Deutsche Bank, J.P. Morgan Initiate Nordnet Coverage With Split Ratings
Deutsche Bank and J.P. Morgan have both initiated coverage of Nordic online brokerage and savings platform Nordnet, taking opposing views on whether its growth prospects justify its valuation. Deutsche Bank started with a hold rating and a SEK360 price target, saying the shares, trading at about 20 times estimated 2027 earnings and roughly 30% above the peer average excluding Nordnet, already price in much of its growth. J.P. Morgan began at overweight with a SEK401 target, raising its 2027-28 forecasts for brokerage, fund commissions and net interest income to about 8% to 9% above company-compiled consensus. Deutsche Bank forecasts annual EPS growth of about 15% over 2025-28, while J.P. Morgan sees about 14% annually over 2026-30, helped by increased cross-border trading and related foreign-exchange fees. On third-quarter estimates, Deutsche Bank expects transaction-related net income of SEK667 million and net income of SEK927 million, while J.P. Morgan expects transaction income of SEK712 million and net profit of SEK947 million. Nordnet had about 2.5 million customers and SEK1.374 trillion in savings capital at the end of June 2026.
0A6V.LSE · Capital · Neutral Deutsche Bank starts Nordnet at hold (SEK360) while J.P. Morgan starts at overweight (SEK401), a split analyst valuation call on the stock.
DBK.XETRA · Capital · Neutral Deutsche Bank initiates Nordnet coverage with a hold rating and SEK360 target, but this is about Nordnet, not Deutsche Bank itself.
JPM · Capital · Neutral J.P. Morgan initiates Nordnet coverage at overweight with a SEK401 target, but this is about Nordnet, not JPMorgan itself.
Morgan Stanley Upgrades Julius Baer After FINMA Ends AML Enforcement Action
Morgan Stanley upgraded Swiss private bank Julius Baer to equal-weight from underweight and raised its price target to CHF 81 from CHF 67 after Swiss regulator FINMA ended enforcement action against the bank over anti-money laundering breaches. Morgan Stanley said it was not moving to overweight as it does not expect client flows to improve in the second half of 2026 and sees 2027 as an investment year as Julius Baer transitions to a new core banking system. FINMA has relaxed measures restricting Julius Baer's entry into new business relationships with politically exposed persons from high-risk countries and has partially or fully lifted measures covering capital and liquidity, though the regulator will continue to require reporting on risk, error and compliance culture through 2032, and FINMA approval remains necessary for dividends and share buybacks. Morgan Stanley moved its valuation basis to 2028 earnings from 2027 and cut its cost of equity assumption to 10.5% from 11%, putting the new price target at 12 times estimated 2028 earnings. Underlying earnings per share are now forecast at CHF 6.05 for 2026, CHF 6.20 for 2027 and CHF 6.78 for 2028, compared with previous estimates of CHF 6.14, CHF 6.15 and CHF 6.90, respectively, while Morgan Stanley assumes CHF 100 million of buybacks for the remainder of 2026 and CHF 600 million annually in 2027 and 2028.
Goldman Sachs Board Weighs Naming John Waldron Chief Executive
Goldman Sachs' board is discussing naming chief operating officer John Waldron as the firm's next chief executive as soon as next year, according to a Wall Street Journal report on September 28, succeeding David Solomon. Waldron has been widely reported as the likely successor since becoming president and chief operating officer, so the news is the timing rather than the name. Solomon would not be leaving under pressure on results, an unusual departure for a large-bank chief executive. Goldman generated about $67.57 billion of revenue over the past twelve months, and in the most recent quarter revenue rose 42.5%, earnings rose 78% against a year earlier, and return on equity reached 16.9%. The firm trades at about 14 times trailing earnings and 2.52 times book value, and was held by 92 hedge funds with a combined stake value of about $11.2 billion at the end of Q2 2026, up from 83 hedge fund holders with a cumulative investment value of around $8.8 billion in the previous quarter.
GS · Capital · Neutral Board weighs naming John Waldron as next CEO to succeed David Solomon, a leadership-succession event with no clear directional impact on results.
Goldman Sachs considers naming John Waldron CEO to succeed David Solomon as early as 2027
Goldman Sachs is facing a major challenge in planning its chief executive succession, with the board having discussed the possibility of appointing John Waldron, the 57-year-old president and chief operating officer, to replace current CEO David Solomon, 64, as early as 2027, according to reports from CNBC and The Wall Street Journal. Under the plan, Solomon could move up to the role of executive chairman, and the matter could go to a board vote within the next few months. The key risk is that Solomon has shown no sign of stepping aside, while Waldron may not wait indefinitely; he previously discussed leadership opportunities at Apollo Global Management and Carlyle Group, prompting Goldman Sachs to grant him a retention pay package worth as much as 80 million dollars, or about 2.6 billion baht, that runs through 2030. In the first half of 2026, Goldman Sachs advised on mergers and acquisitions worth a combined total of more than 1 trillion dollars and posted equity trading revenue of more than 12 billion dollars, a record high. Since Solomon became CEO in 2018, Goldman Sachs shares have risen more than 300%.
GS · · Neutral CEO succession planning with Waldron as possible successor and Solomon possibly moving to executive chairman; no clear positive or negative driver.
China Merchants Securities appoints Liu Bo as president; he steps down as vice president
China Merchants Securities announced on September 30 that its board of directors approved a proposal that day to appoint Liu Bo as company president, with a term starting September 30 and ending when the company's eighth board of directors completes its term. Liu Bo ceased serving as vice president from the same day. Born in November 1976, Liu Bo has served as president of China Merchants Securities since September 2026, and has concurrently served as chairman of China Merchants Securities International Company Limited since March 2025. He was vice president of China Merchants Securities from November 2024 to September 2026. From July 1999 to October 2024, he worked at China Merchants Bank, holding positions in the Chongqing branch's planning and credit department, the head office's statistics and information center, planning and finance department, asset and liability management department, Shenzhen branch, head office asset custody department, and Wuhan branch, among others. Liu Bo received a bachelor's degree in economics with a major in statistics from Southwestern University of Finance and Economics in July 1999, and a master's degree in business administration from Shanghai University of Finance and Economics in September 2008. He holds a postgraduate education and the title of senior economist, and previously served as a deputy to the 14th Hubei Provincial People's Congress.
Wu Jian, former chairman of Southwest Securities, investigated two years after retirement
According to a disclosure on the website of the Central Commission for Discipline Inspection and the National Commission of Supervision on September 30, Wu Jian, former party secretary and chairman of Southwest Securities Co., Ltd., is suspected of serious violations of discipline and law and is currently undergoing disciplinary review and supervisory investigation by the Chongqing Municipal Commission for Discipline Inspection and Supervision. Wu Jian, born in April 1964 and now 62 years old, holds a postgraduate degree, is a member of the Communist Party of China and a researcher. He began working in 1985 and previously served as deputy division chief of the Chongqing Securities Regulatory Office, director of the Listing Division of the Chongqing Securities Regulatory Bureau, party committee member and deputy general manager of Chongqing Yufu Assets Management Group Co., Ltd., as well as director, deputy general manager and general manager of Southwest Securities. On August 31, 2024, Southwest Securities announced that Wu Jian had resigned as chairman of the company's tenth board of directors, chairman of the Strategy and ESG Committee, and director due to reaching retirement age, and would no longer hold any position in the company after his resignation. Founded in 1999, Southwest Securities is the only national comprehensive securities company registered in Chongqing, and also the first listed financial institution in Chongqing and the ninth listed securities company in China.
600369.CG · Regulation · Negative Former chairman Wu Jian is under disciplinary review and supervisory investigation for suspected serious violations of discipline and law.
China Merchants Securities appoints Liu Bo as company president
China Merchants Securities announced that the company's eighth board of directors approved at its thirty-eighth meeting the appointment of Liu Bo as company president, with the term starting from the date of board approval until the end of the eighth board's term. Liu Bo will no longer serve as vice president. At the same time, the board nominated Liu Bo as a candidate for executive director of the eighth board, a proposal that still needs to be submitted to the shareholders' meeting for review.
600999.CG · · Neutral Board appoints Liu Bo as company president and nominates him as executive director candidate; a leadership change with no clear positive or negative driver.
Wu Jian, former Party Secretary and Chairman of Southwest Securities, under investigation for suspected serious disciplinary and legal violations
Wu Jian, former Party Secretary and Chairman of Southwest Securities Company Limited, is suspected of serious disciplinary and legal violations and is currently undergoing disciplinary review and supervisory investigation by the Chongqing Municipal Commission for Discipline Inspection and Supervision. According to a September 30 report on the website of the Central Commission for Discipline Inspection and the National Commission of Supervision, the announcement was issued by the Chongqing Municipal Commission for Discipline Inspection and Supervision. Wu Jian, born in April 1964, holds a postgraduate degree, is a member of the Communist Party of China and a researcher. He previously served as Director of the Listing Department of the Chongqing Bureau of the China Securities Regulatory Commission, and as a member of the Party Committee and Deputy General Manager of Chongqing Yufu Asset Management Group Company Limited. He also served as a director of Yinhua Fund Management Company Limited and as Chairman of the Custody and Settlement Committee of the Securities Association of China. On December 26, 2023, the Board of Directors of Southwest Securities approved the election of Wu Jian as Chairman of the company's tenth Board of Directors. On August 31, 2024, Southwest Securities announced that Wu Jian had submitted his resignation as Chairman of the tenth Board of Directors, Chairman of the Strategy and ESG Committee, and Director due to reaching retirement age, and would no longer hold any position in the company after his resignation.
600369.CG · Regulation · Negative Former chairman Wu Jian is under disciplinary review and supervisory investigation for suspected serious violations, a legal/regulatory cloud over Southwest Securities.
China Merchants Securities appoints Liu Bo as president and nominates him as executive director candidate
China Merchants Securities announced on September 30 that, following deliberation and approval at the 38th meeting of the company's eighth board of directors, Liu Bo has been appointed as the company's president. His term runs from the date of board approval until the end of the eighth board's term, and he will no longer serve as vice president. At the same time, the board nominated Liu Bo as a candidate for executive director of the eighth board, a proposal that still needs to be submitted to the shareholders' meeting for review.
600999.CG · · Neutral Board appoints Liu Bo as president and nominates him as executive director candidate; a leadership change with no clear positive or negative driver.
Goldman Sachs Board Weighs Replacing CEO David Solomon With President John Waldron
Goldman Sachs' board has reportedly discussed replacing CEO David Solomon, 64, with president John Waldron, 57, as early as next year, a succession plan that could be voted on in coming months, The Wall Street Journal reported late Monday. The transition would elevate Solomon to executive chairman and, according to Wells Fargo banking analyst Mike Mayo, would be one of the smoother and more deliberate leadership handovers seen on Wall Street. The move comes as Goldman sits atop Wall Street, advising on more than $1 trillion in merger deals and generating more than $12 billion in equities revenue in the first six months of the year alone, with shares up more than 300% under Solomon, who took over as CEO in 2018. Goldman spokesman Tony Fratto said there is no definitive timeline for succession at the bank. Analysts and governance experts warn of a key risk: Solomon may not be ready to give up his seat, and Waldron, who received an $80 million retention package lasting through 2030, may not be willing to wait indefinitely for the crown.
Morgan Stanley Launches Digital Asset Lab to Explore Stablecoins and Tokenization
Morgan Stanley has launched a Digital Asset Lab to explore stablecoins and tokenization, continuing the Wall Street banking giant's expansion into the blockchain ecosystem. The move extends a push that the firm may not be backing down from anytime soon. The lab will focus on digital asset research areas including stablecoins and tokenization. No financial terms or launch timeline were disclosed.
MS · Technology · Positive Morgan Stanley launched a Digital Asset Lab to research stablecoins and tokenization, expanding its blockchain product/R&D efforts.
Goldman Sachs Opens $100 Billion Treasury Fund to Crypto Firms
Goldman Sachs is opening its roughly $100 billion Treasury fund, FTIXX, to institutional crypto firms without creating a tokenized version of it. The fund will be made available through Links, a settlement network used by institutional digital asset companies, allowing firms including Galaxy, Wintermute, Falcon X, Crypto.com and Fireblocks to sweep cash held between trades into the fund to earn a yield. The approach differs from tokenized offerings such as BlackRock's BUIDL and Franklin Templeton's Benji, instead letting crypto firms use traditional finance rails to earn passive yield on idle cash.
GS · Demand · Positive Goldman opens its ~$100B FTIXX Treasury fund to institutional crypto firms via the Links settlement network, expanding the fund's client base and assets.
Goldman Sachs Opens $100 Billion Treasury Fund to Crypto Firms
Goldman Sachs is opening its roughly $100 billion Treasury fund, FTIXX, to institutional crypto firms without creating a tokenized version of it. The fund will be made available through Links, a settlement network used by institutional digital asset companies, allowing firms including Galaxy, Wintermute, Falcon X, Crypto.com and Fireblocks to sweep cash held between trades into the fund to earn a yield. The approach differs from tokenized offerings such as BlackRock's BUIDL and Franklin Templeton's Benji, instead letting crypto firms use traditional finance rails to earn passive yield on idle cash.
GS · Demand · Positive Goldman opens its ~$100B Treasury fund FTIXX to institutional crypto firms via the Links settlement network, expanding the fund's client base and assets.
Goldman Sachs board weighs John Waldron as next CEO
Goldman Sachs' board has begun discussing a plan for president and COO John Waldron to succeed CEO David Solomon as early as late 2027 or 2028, according to a Wall Street Journal report citing people at the firm. Waldron and Solomon joined the bank at the same time, and Waldron has long been viewed as next in line. In early 2025 the board offered both men an $80 million five-year retention award to keep them in place through the transition. Solomon is expected to remain chairman even after stepping back from the day-to-day CEO role. If Waldron takes the top job, the president and COO position would open up, with the two heads of global investment banking and the head of global asset management among the candidates.
GS · · Neutral Board discusses a CEO succession plan for John Waldron, a governance/leadership transition with no clear positive or negative financial impact.
Goldman Sachs board weighs naming COO John Waldron as next CEO
Goldman Sachs has held discussions to have Chief Operating Officer John Waldron take over as CEO in late 2027 or early 2028, with current CEO David Solomon stepping down at that time, according to The Wall Street Journal. Solomon has served as CEO since October 2018 and as board chairman since January 2019, while Waldron became COO and president the same year. Should the talks come to fruition, Solomon is likely to remain as executive chairman for a year or two after leaving the CEO post. A succession requires approval from the investment bank's board, which the newspaper said could come in the coming months, based on people familiar with the situation. The two men are said to have a close relationship; Solomon joined Goldman in 1999, followed by Waldron in 2000, and both had stints at Bear Stearns.
GS · · Neutral Board weighs naming COO John Waldron as next CEO with Solomon stepping down in late 2027/early 2028; a leadership succession with no clear positive or negative driver.
BRC to acquire Sangoma for $204 million; shares surge 44%
BRC Group Holdings will acquire Sangoma Technologies Corp for approximately $204 million, sending Sangoma shares up 44% in after-hours trading Monday. Under the arrangement agreement, Sangoma shareholders will receive $4.925 in cash and 0.04767 of a BRC share for each Sangoma share held, implying a value of $5.225 per Sangoma share based on the 20-day volume-weighted average price of BRC shares on NASDAQ, a premium of approximately 47% to Sangoma's closing price on the TSX as of September 28, 2026. The transaction values Sangoma at an enterprise value of approximately $204 million, with Sangoma shareholders collectively receiving $170 million in cash and $10 million in BRC shares, the latter being freely tradable, and holding approximately 4% of the pro forma BRC shares outstanding upon completion. Sangoma CEO Charles Salameh called the deal a compelling outcome delivering immediate liquidity and certainty of value at a premium price, and the transaction follows a comprehensive strategic review announced in May 2026 and supervised by a special committee of independent directors. Sangoma's board unanimously approved the transaction and recommends shareholders vote in favor, with officers and directors holding approximately 27% of outstanding shares having entered into voting support agreements; the deal requires approval from at least two-thirds of votes cast at a special meeting, is subject to court and regulatory approvals, is not subject to any financing condition, and is expected to close no later than early 2027, after which Sangoma will operate as part of BRC Telecom.
BitMine's Ethereum holdings surpass 6 million ETH milestone
BitMine Immersion Technologies, chaired by Tom Lee, announced on September 28 that its Ethereum holdings had topped 6 million ETH. Holdings rose by 17,362 ETH from the previous announcement on September 21, reaching 6,001,302 ETH as of September 27. At the time of the announcement, the ETH holdings were worth about 16.1 billion dollars, equivalent to roughly 2.53 trillion yen at 157 yen to the dollar. In addition to ETH, the company holds 213 BTC, cash, listed securities, and strategic investments in companies, and said its total holdings of crypto assets, cash, and other investments reached 17.2 billion dollars. The company launched an ETH-centered treasury strategy on June 30, 2025, with a goal of holding 5 percent of the ETH supply. With ETH supply at about 122.1 million ETH, the company's holdings represent roughly 4.9 percent of that, putting progress toward the 5 percent goal at 98 percent. Of its ETH holdings, 5,067,309 ETH are staked, accounting for about 84 percent of the total. According to Lee, current staking revenue is estimated at about 358 million dollars on an annualized basis, and BitMine's own staking business posted a yield of 2.62 percent annualized over the past seven days. Lee also said a crypto bull market has been underway since late June, noted that institutional investors' allocation to crypto assets remains small, and predicted that institutions will raise their investment ratios through the end of 2026.
BMNR · Capital · Positive BitMine's ETH treasury holdings topped 6 million ETH, worth ~$16.1B, with total crypto/cash holdings at $17.2B and staking revenue ~$358M annualized.
ETH · Demand · Positive BitMine's ETH treasury strategy has accumulated ~4.9% of ETH supply, with 5.07M ETH staked, representing large institutional buying/holding demand for Ethereum.
BRC Group to Acquire Sangoma Technologies in US$204 Million Deal
Sangoma Technologies Corporation has entered into a definitive arrangement agreement under which an affiliate of BRC Group Holdings will acquire all of its issued and outstanding common shares in a transaction valuing Sangoma at an enterprise value of approximately US$204 million, or C$2891 million. Under the terms of the Arrangement Agreement, Sangoma shareholders will receive US$4.925 in cash and 0.04767 of a BRC common share for each Sangoma share held, implying a value of US$5.225, or C$7.40, per share based on BRC's 20-day VWAP on the NASDAQ, a premium of approximately 47% to Sangoma's closing price and 51% to its 10-day VWAP on the TSX as of September 28, 2026. The cash component totals US$170 million payable to Sangoma shareholders, with the remaining US$0.302 per share payable in BRC shares, amounting to an aggregate of US$10 million of BRC shares issuable. Sangoma officers and directors holding approximately 27% of the issued and outstanding shares have entered into voting support agreements to vote in favour of the transaction, and Sangoma shareholders will collectively hold approximately 4% of the pro forma BRC shares on completion. The Arrangement Agreement includes a termination fee of US$5,397,000, and the transaction, which is not subject to any financing condition, requires two-thirds and simple majority shareholder approvals, court and regulatory approvals, and is expected to close no later than early 2027.
BRC Group to Acquire Sangoma Technologies in $204 Million Deal
BRC Group Holdings has agreed to acquire all issued and outstanding common shares of Sangoma Technologies Corporation in a transaction valuing Sangoma at an enterprise value of approximately $204 million, or C$289 million. Under the plan of arrangement, Sangoma shareholders will receive $4.925 in cash and 0.04767 of a BRC share for each Sangoma share held, totaling approximately $170 million in cash and approximately $10 million in BRC shares, with current Sangoma shareholders holding approximately 4% of BRC's pro forma outstanding shares. The deal is expected to be partially funded through an amended and restated $215 million senior secured term loan facility at BRC's communications-platform level, with Banc of California as sole lead arranger, bookrunner, and administrative agent, alongside Axos Bank and Israel Discount Bank of New York as lenders, and is not subject to any financing condition. On a combined trailing-twelve-month basis as of June 2026, BRC's communications businesses and Sangoma generated approximately $441 million in revenue, reflecting approximately $241 million from BRC's communications businesses and approximately $200 million from Sangoma, while BRC's communications businesses alone generated approximately $52 million of combined segment income. The transaction, unanimously approved by both boards, requires approval by at least two-thirds of votes cast by Sangoma shareholders plus a simple majority excluding shares required to be excluded under Multilateral Instrument 61-101, along with court and regulatory approvals, and is expected to close no later than early 2027, after which Sangoma shares will be delisted from the Toronto Stock Exchange and Nasdaq and Sangoma will be held within BRC Telecom alongside UOL, magicJack, Marconi Wireless, and Lingo.
RILY · Capital · Positive BRC Group agreed to acquire Sangoma in a ~$204M enterprise-value deal, adding Sangoma's ~$200M revenue to its communications platform.
SANG · Capital · Positive Sangoma shareholders receive $4.925 cash plus 0.04767 BRC shares per share in a unanimously approved acquisition at ~$204M enterprise value.
Goldman Sachs's $100 Billion MMF to Be Offered via Lynq
Goldman Sachs's roughly $100 billion money market fund, the Goldman Sachs Financial Square Treasury Instruments Fund, will have its institutional share class, FTIXX, offered through Lynq, a payments network for digital asset companies. FTIXX will be offered through tZERO Securities, a broker-dealer registered with the U.S. Securities and Exchange Commission. This marks the first time Lynq has carried a fund offered by an external asset manager, and it is the second investment product available on the network. The initiative does not tokenize the fund itself; unlike blockchain-based funds such as BlackRock's BUIDL and Franklin Templeton's BENJI, FTIXX keeps the form of a traditional fund while using Lynq as a new access channel. According to Lynq CEO Jerald David, client companies had asked for a product that lets them put idle cash to work between trades, and using FTIXX allows companies to earn yield on funds not being used for transactions while withdrawing money as needed. Access to FTIXX is limited to U.S. customers, and using it requires establishing a trading relationship with tZERO Securities and meeting the necessary screening and eligibility requirements.
Goldman Sachs Shares Fall 2.05% as Earnings Report Looms
Goldman Sachs closed at $916.28, down 2.05% and steeper than the S&P 500's 0.77% decline, while the Dow lost 0.67% and the Nasdaq 0.92%. The investment bank's stock has dropped 9.53% over the past month, trailing the Finance sector's 3.48% loss and the S&P 500's 0.96% gain. Goldman Sachs is scheduled to release its earnings on October 13, 2026, with consensus projecting EPS of $15.18, up 23.92% year over year, and revenue of $17.14 billion, up 12.91%. For the full year, the Zacks Consensus Estimates call for earnings of $69.64 per share and revenue of $71.62 billion, changes of +35.7% and +22.88% from last year. The Zacks Consensus EPS estimate has moved 1.08% higher in the past month, and Goldman Sachs currently carries a Zacks Rank of #3 (Hold), with a Forward P/E of 13.43 versus its industry average of 13.26.
GS · Capital · Neutral Goldman shares fell 2.05% ahead of its Oct 13 earnings report, with consensus projecting strong EPS/revenue growth and a Zacks #3 (Hold) rank.
BitMine Buys More Ethereum, Tops 6 Million Milestone
BitMine Immersion Technologies has bought more Ethereum, pushing its holdings past the 6 million milestone. Tom Lee, the chairman of the world's largest Ethereum treasury firm, has continued to advocate for Ethereum amid his company's relentless accumulation of the asset. The company trades under the ticker BMNR.
Morgan Stanley to Build $684M Dallas Hub With 3,800 Jobs
Morgan Stanley will establish a new U.S. financial hub in Dallas backed by a $684M capital investment, Texas Governor Greg Abbott announced Monday. The state awarded the bank a $43.8M Texas Enterprise Fund grant and a $40K Veteran Created Job Bonus, and the hub is expected to create more than 3,800 jobs. The move adds Morgan Stanley to a growing list of Wall Street firms putting down roots in the region known as Y'all Street, following NYSE Texas's opening in March, the Texas Stock Exchange's launch of trading in July, and Nasdaq's plans for a regional headquarters in Dallas. Morgan Stanley shares fell 1.5% in late morning trading after President Trump rejected Iran's cease-fire proposal.
Goldman Sachs Wins SEC Approval for Board-Default Voting Option
Goldman Sachs Group Inc. plans to give individual shareholders the option of letting the board of directors decide how their votes will be cast, a year after coming closer than ever to having its executive compensation proposal rejected. Regulators gave a green light to the firm's request to let retail investors vote with the board by default, according to a Securities and Exchange Commission letter Monday, and those investors account for roughly 30% of Goldman's shares, according to a person familiar with the matter. The change is likely to increase turnout in a way that boosts support for the company's position on key proposals at annual general meetings, where a third of voting shareholders objected last year to a pair of $80 million retention bonuses for Chief Executive Officer David Solomon and President John Waldron, the most pushback on executive compensation the firm has ever experienced, while investors responsible for about a quarter of its shares didn't turn out to vote on the pay proposal at all. Goldman is following the example of ExxonMobil Holdings Corp., which in September 2025 became the first firm to receive the SEC's green light for such a voting program. If shareholders opt in, the program, run by Broadridge Financial Solutions Inc., will mean their votes are automatically registered in line with the board, though those shareholders can still change their votes manually on individual proposals or opt out. Solomon said in a statement that the firm is pleased to provide its individual investors with this free and flexible way to ensure their shares are voted on important matters.
GS · Regulation · Positive SEC approved Goldman's request to let retail investors vote with the board by default, boosting support for its positions at annual meetings.
BR · Demand · Positive Goldman's board-default voting program will be run by Broadridge, giving it a new client mandate for its voting services.
Lazard Hires Pranjal Gambhir as Head of Medical Technology
Lazard, Inc. announced that Pranjal Gambhir has joined the firm as Head of Medical Technology, based in New York. In the role, Gambhir will lead coverage of Medical Technology companies, advising clients on strategy and corporate development transactions across the sector. He joins Lazard from Citi, where he was most recently a Managing Director covering Medical Technology companies across multiple sub-sectors, and he spent 20 years at Citi in roles in New York and New Delhi. David Gluckman, Global Head of Healthcare at Lazard, said Gambhir's broad and deep experience across the sector deepens the coverage the firm can offer clients and adds strategic depth to its Healthcare Group. Gambhir holds an MBA from the Indian School of Business and a Bachelor of Commerce from Delhi University.
Stock Exchange Fines Finansia Syrus 150,000 Baht for Short Selling Without S Flag
The Stock Exchange of Thailand issued a disciplinary penalty against Finansia Syrus Securities, imposing a fine of 150,000 baht, in an announcement made late on September 25. The violations were found between July and August 2025, or just over a year ago. The violations consisted of recording short sale orders without indicating that they were short sales, or without attaching the S flag, and recording short sale orders without offering them at a price higher than the last traded price, or the uptick price. The Stock Exchange stated that the violations and this penalty do not affect investors or securities trading conditions on the exchange.
FSX.BK · Regulation · Negative Stock Exchange of Thailand fined Finansia Syrus Securities 150,000 baht for recording short sales without the S flag and below uptick price.
United States
