Goldman worth less than Morgan Stanley for 1st time in 11yrs
For the first time in over 11 years, US bank Goldman Sachs is worth less than its rival, Morgan Stanley. Goldman's market capitalisation fell to $95.7 billion on Wednesday, while Morgan Stanley stood at $100 billion. Goldman's shares fell after it reported 50% plunge in bond-trading income and posted its first quarterly loss in six years due to tax laws.