SOURCE: Research Driven Investing

Research Driven Investing

March 19, 2013 08:20 ET

Financial Sector Dragged Down by More Euro-Zone Concerns -- Cyprus Proposes Tax on Deposits

RDInvesting Provides Stock Research on Morgan Stanley and Goldman Sachs

NEW YORK, NY--(Marketwire - Mar 19, 2013) - The financial sector took a hit Monday after the Mediterranean nation of Cyprus proposed a tax on current bank deposits, sending the Euro to a three-month low of $1.2880. The proposal invoked fears across Europe that deposits in other struggling countries may be also be targeted. Research Driven Investing examines investing opportunities in the Financial Sector and provides equity research on Morgan Stanley (NYSE: MS) and Goldman Sachs Group, Inc. (NYSE: GS).

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The potential tax would see the government seize 6.75 percent of deposits below EUR 100,000 ($130,860), and up to 9.9 percent on those above EUR 100,000. The tax, which was a result of an agreement between Cyprus and its European partners, would make the nation eligible for a EUR 10 billion ($13 billion) bailout from the Eurozone and the International Monetary Fund.

"This sets a worrying precedent for Spain and Italy, but doesn't make widespread bank runs imminent," said Dario Perkins, an analyst at Lombard Street Research.

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Morgan Stanley is a leading global financial services firm providing a wide range of investment banking, securities, investment management and wealth management services. The company reported revenues for the fourth quarter 2012 grew to $7.0 billion, compared to $5.7 billion a year prior. Shares of Morgan Stanley have gained roughly 20 percent in 2013.

The Goldman Sachs Group is a global investment banking, securities and investment management firm that provides a range of financial services to a substantial and diversified client base. The company is expected to release results for the fiscal fourth quarter on Monday, April 15th. Shares of Goldman Sachs have gained roughly 19 percent in 2013.

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