Latest Business News: Weaker Global Markets, M&A Slump to Hit Wall Street Bank Profits

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Latest Business News: Weaker Global Markets, M&A Slump to Hit Wall Street Bank Profits

Latest Business News: Weaker Global Markets, M&A Slump to Hit Wall Street Bank Profits
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Latest Business News: Weaker Global Markets, M&A Slump to Hit Wall Street Bank Profits

by Wochit 0:57 mins

Latest Business News: Weaker Global Markets, M&A Slump to Hit Wall Street Bank Profits

by Wochit 0:57 mins

The second quarter was likely tough for Wall Street bank profits as markets weakened globally and merger advisory revenue dropped, leading analysts to lower their profit estimates in recent days. Microsoft CEO Steve Ballmer is reportedly eyeing a reorganization that would enlarge the roles held by a number of top executives. Bloomberg said that current Skype president Tony Bates would be in charge of acquisitions-and-relationships with software developers. Windows head Julie Larson-Green would run hardware-engineering for all devices throughout the entire company. The price of oil soared to above $102 a barrel for the first time in over a year as Egypt's political crisis intensified, raising the risk of fuel supply disruptions in the Suez Canal.

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