The New York Post reports that even as the CEO should be popping champagne corks to celebrate winning a valuation war with Citigroup over their joint-venture brokerage business, Gorman is facing growing pressure internally and externally to execute on a strategy he implemented upon taking the reins at the firm two years ago.
Gorman, 54, probably has one or two more quarters to demonstrate that he can structure Morgan Stanley as a stable investment bank that can ride the roller coaster of fixed-income trading - and still generate healthy profits, sources said.
In the meantime, The New York Times reports that JPMorgan Chase revealed another overhaul of its operations on Wednesday, saying in an internal memo that it would revamp its corporate and investment banking division.
The latest change, coming a little more than a month after a broad reshuffling of the bank’s upper echelons, breaks up the division into two units.
And Reuters reports that Credit Suisse could see clients in western Europe withdraw up to a net $37bn in the next few years as Switzerland bows to pressure to stop foreigners using secret offshore accounts to evade taxes.
Finally, The Daily Telegraph says that U.S. authorities are moving closer to putting a settlement to Standard Chartered to resolve allegations the UK bank broke anti-money laundering rules, according to reports.
The U.S. Treasury is said to have approved an initial settlement that will also involve Manhattan's top prosecutor and the Department of Justice.
image: © Jake Barnes