In the meantime, Dow Jones reports that 'Morgan Stanley appears to have staved off an exodus of high-producing brokers from its global wealth management group in the third quarter, despite reports of deep discontent over a troublesome computer-system conversion'.
The number of advisers at Morgan Stanley Wealth Management did decline by a net 105 during the third-quarter, a figure the firm has described as 'insignificant'.
Finally, Bloomberg reports that HSBC Chairman Douglas Flint said earlier this week that U.K. banks should have their behavior independently reviewed and judged against their own promises to regain trust in the industry.
'There has to be a risk of being debarred from the industry and prosecuted if people have gone way over the line, but it has to be somewhat exceptional', he said on the sidelines of the British Bankers’ Association conference in London. 'If you put a sense of foreboding or fear into the vast majority of people who work in these organizations, you build in risk aversion'.
image: © Dan4th Nicholas