The private-equity firm says the conversion will allow investors to buy its shares without creating the need for a Schedule K-1, an Internal Revenue Service tax form that's used to report earnings from partnerships.
Morgan Stanley says first-quarter profit falls 9% from a year earlier as revenue tumbles in the New York-based investment bank's trading business. But the results still exceed the expectations of Wall Street analysts.
BlackRock continues to steal market share from mutual-fund competitors with its suite of exchange-traded funds. Analysts say investors' increasing preference for ETFs shows no sign of abating. But because of the low fees charged by ETFs, profit margins are shrinking.
Bank of America says that lending income would grow just 3% this year, down from about 6% in 2018, as the economy slows and the Federal Reserve halts its three-year campaign to boost official U.S. interest rates.
Bank of America's first-quarter revenue didn't grow from a year earlier, but the bank led by CEO Brian Moynihan cut costs by 4%, helping to push earnings per share to 70 cents. That level beat analysts' average estimate of 66 cents.
Casino operator Caesars Entertainment is preparing to name a new CEO, according to a report.
Citigroup posts better-than-expected results for the first quarter as a cut in the U.S. bank's effective corporate tax rate helps to offset a fall in stock-trading revenue.
Citigroup CEO Michael Corbat says he has no immediate plans to name a new president to replace Jamie Forese, who is retiring.
Citigroup, the giant U.S. bank, is expected to report first-quarter earnings roughly equivalent to those from a year earlier, even after rival JPMorgan Chase posted a 5% increase. Citigroup CEO Michael Corbat, who this week announced major changes in his senior leadership team, is expected to provide commentary on how the bank is faring amid a slowdown in global economic growth.
As a growing body of research shows that gender diversity on a company's board of directors usually improves long-term shareholder returns, Stephen Schwarzman's Blackstone Group has added former U.S. Senator Kelly Ayotte of New Hampshire as a director. The appointment would double the number of female directors to two out of 11 total board members, or 18%.
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