Congressional scrutiny of Goldman Sachs and Morgan Stanley’s commodities businesses is another strain for units that already saw revenue tumble by two-thirds from peak years.
Morgan Stanley is one of the world's largest diversified financial services companies, with a reputation for excellence in advice and execution on a global scale.
Sad to report.
Morgan Stanley Wealth Management has announced the launch of Global Sports & Entertainment (GSE), a new division that will serve the unique needs of veteran and emerging talent and their advisors in the sports and entertainment industries.
Goldman Sachs executives will again come in for a grilling at a congressional hearing this Thursday.
Morgan Stanley, the world's largest brokerage firm, fired the first shot in Wall Street's pay formula wars by telling brokers more of their pay will be deferred in 2015 than in the past.
The dream is over ?
Morgan Stanley CEO James Gorman said the firm is paying staff 'competitively' after managers turned the business around over the past five years.
Morgan Stanley said it will recognize a $1.3 billion tax benefit in the fourth quarter from changing its brokerage subsidiary to a corporation.
Morgan Stanley announced on Friday that Griff Sexton, a director since 2005, has retired from the Board of Directors, and that Jami Miscik has been elected to the Board.
Don't screw up!
Sad to report.
Goldman Sachs and Credit Suisse left at the altar.
There's been a lot of stuff in the media about banker compensation (base salaries and bonuses), so we thought it'd be good to pull it all together.
Dealbreaker reports that, a couple of weeks back, a New York-based second year Credit Suisse technology analyst is said to have returned to the office (apparently over the weekend) rather the worse for wear, and trashed a colleague's work space (see pic to the right, which was seemingly taken by a member of the firm's HR Department for the employee's file).
Citigroup has hired Carl Scott to head up its European interest rates exotic trading division. Scott, previously at WestLB, will replace Marco Arosio, who is taking up a new role in Citigroup's interest rate structuring team.
A Morgan Stanley banker stole more than £400,000 from clients’ accounts and spent it on women, gems and high-end benders.
While the likes of former Bear CEO Jim Cayne and Morgan Stanley boss John Mack took no bonus for 2007 (and the likes of Chuck Prince at Citi, Stan O'Neal at Merrill and Peter Wuffli over at UBS all fell on their swords or got the boot), Barclays President Bob Diamond, who heads up Barclays Capital , Barclays Wealth and Barclays Global Investors, enjoyed a better year. Although Barclays sustained subprime-related losses of around $2.6bn in the 4 months to October, these were relatively insignificant compared to the huge losses sustained by rival firms. So, Bob's on track for a $30m pay-out for 2007. He'll likely get a bonus of almost $29m on top of his $500,000 base salary. And then he'll get share options too.
Bloomberg reports that fate may have played a big part in Sallie Krawcheck ending up as head of Bank of America's wealth management unit (and a longshot as successor to firm CEO Ken Lewis).
Don't screw up!
By as much as 25%.
Morgan Stanley posted wealth management results for the second quarter just a hair's breadth short of a key profitability target it set for the end of 2015, but bank executives remained concerned about the high costs of recruiting brokers.
A battle is raging on Wall Street as never before, with powerful factions scrambling for control of a precious resource.