WALL STREET

GOLDMAN TO OPEN OWN SHOP IN INDIA

Goldman Sachs said it would start investment banking and securities businesses in India. Goldman sold stakes in two Indian joint ventures, Kotak Mahindra Capital and Kotak Securities, to parent company Kotak Mahindra Bank, Crain’s reported.

– Staff Reporter of the Sun

BEAR STEARNS FOLLOWS GOLDMAN, LEHMAN IN POSTING RECORD PROFIT

Bear Stearns became the third Wall Street firm to bury analysts with a record first quarter profit. Net income jumped 36% to $514.2 million, or $3.54 a share, in the three months ended February 28, from $378.8 million, or $2.64, a year earlier.

– Bloomberg News

NEW RETAIL CHIEF AT MORGAN REORGANIZES; TWO EXECUTIVES LEAVE

One month after taking control of Morgan Stanley’s retail brokerage business, James Gorman has reorganized management and imported some help from Merrill Lynch & Company. Morgan Stanley’s director of national sales, Michael Burke, and the head of its regional divisions, Rick Sanchez, have left the firm “to pursue other opportunities.”

– Dow Jones Newswires

CHIEF OF CITIGROUP HEDGE FUND AND BUYOUT UNIT TO LEAVE

Citigroup’s Michael Carpenter, head of the bank’s $40 billion hedge fund and buyout unit, resigned, becoming at least the sixth top executive to leave since Charles Prince became chief executive officer in 2003.

– Bloomberg News

AUTOMOBILES

GM LOSS WIDER THAN PREVIOUSLY REPORTED

General Motors will widen its 2005 loss by $2 billion and restate earnings from 2000 to 2004 for accounting errors, after delaying its annual regulatory filing because of reporting issues with a mortgage unit. The loss will be $10.6 billion rather than the $8.6 billion it reported in January, on higher costs for job cuts and aiding bankrupt supplier Delphi.

– Bloomberg News