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☆ Tech firms, Wall Street lead job cuts in Corporate America
▼ + stars: | 2023-12-04 | by ( ) www.reuters.com time to read: +9 min

TECHNOLOGY, MEDIA AND TELECOM SECTORMeta Platforms (META.O):The Facebook-parent said it would cut 10,000 jobs, just four months after it let go 11,000 employees. read moreMicrosoft Corp (MSFT.O):The U.S. tech giant said it would cut 10,000 jobs by the end of the third quarter of fiscal 2023. The company laid off under 1,000 employees across several divisions in October, Axios reported, citing a source. Workday (WDAY.O):The software company will cut roughly 500 jobs, or 3% of its workforce, citing a challenging macroeconomic environment. Morgan Stanley (MS.N):The Wall Street powerhouse was planning to cut about 3,000 jobs in the second quarter ended June 30, Reuters reported in May.

Persons: Brendan McDermid, Goldman Sachs, Axios, Pat Gelsinger, Elon Musk, Morgan Stanley, Lazard, Coinbase, cryptocurrencies, Phillips, Johnson, Joseph Wolk, Deborah Sophia, Akash Sriram, Granth Vanaik, Eva Mathews, Yuvraj Malik, Sourasis Bose, Priyamvada, Tiyashi Datta, Manya Saini, Jaspreet Singh, Maju Samuel, Sriraj Kalluvila, Pooja Desai Organizations: REUTERS, TELECOM, Meta, Facebook, IBM Corp, Spotify Technology SA, Spotify, Microsoft Corp, Intel Corp, Reuters, New York Times, Elon, Cisco Systems, HP, Rivian, Match, Dell Technologies, Technologies, U.S . Central Intelligence Agency, Goldman Sachs, Wall, Citigroup, Bloomberg News, BlackRock, Bed, Dow, Johnson, 3M, Thomson Locations: New, Wall, U.S, York, New Jersey, Bengaluru

☆ Uncertain 2024 makes US companies refinance debt sooner, not later
▼ + stars: | 2023-11-30 | by ( Matt Tracy | ) www.reuters.com time to read: +3 min

Doubts that debt issuance conditions will be as strong in 2024 as they are now, with markets still divided on the direction of interest rates and the economy, have also driven the interest in doing deals now. Credit spreads are underpricing recession risk, said Nate Thooft, senior portfolio manager for Manulife Investment Management. Even if companies waited for rate cuts in 2024, declines in all-in funding costs may not necessarily follow, as credit spreads could then widen, said Amol Dhargalkar, managing partner at Chatham Financial. But Natalie Trevithick, head of investment grade credit strategy at Payden & Rygel, said economic data was too strong for cuts. Some $770 billion of investment-grade rated bonds mature in 2024 and over $900 billion in both 2025 and 2026, according to data by Morgan Stanley (MS.N).

Persons: Joshua Roberts, Maureen O'Connor, Edward Marrinan, Nate Thooft, Amol Dhargalkar, Natalie Trevithick, Morgan Stanley, Steven Oh, Matt Tracy, Shankar Ramakrishnan, Davide Barbuscia, Barbara Lewis Organizations: Federal Reserve, REUTERS, ICE, BMO Capital Markets, Investment, Informa Global, Treasury, Federal, Nikko Securities America, Manulife Investment Management, Chatham Financial, Deutsche Bank, PineBridge Investments, Thomson Locations: Washington , U.S, Wells, U.S

The French bank also did not comment on plans to end its research partnership with Morningstar after more than four years. The expansion of the equities business by BNP comes as its Wall Street peers have reduced investment banking headcount this year amid sluggish trading and dealmaking activities. In Asia, BNP competes with large Western banks including Morgan Stanley (MS.N), Goldman Sachs (GS.N), JPMorgan (JPM.N) and UBS (UBSG.S), as well as a host of local investment banks in the cash equities business. One of the sources said BNP could boost its Asia equities headcount by as much as 20 over the next year. The bulk of BNP's in-house equities research team, mainly in Hong Kong and Singapore, departed as a result of that deal.

Persons: Dado Ruvic, Morningstar, Jean, Laurent Bonnafe, Morgan Stanley, Goldman Sachs, Jason Yates, BNP's, William Bratton, Exane, Bratton, " Yates, Selena Li, Sumeet Chatterjee, Jamie Freed Organizations: BNP, Bank, REUTERS, Morningstar, Deutsche, JPMorgan, UBS, Thomson Locations: HONG KONG, Asia, Asia Pacific, Europe, U.S, Russia, Ukraine, Pacific, BNP's, Hong Kong, Singapore, China, South Korea, India

These deals help banks meet capital requirements more efficiently, allowing them to keep lucrative businesses that would otherwise become unprofitable. Investors in these deals include lightly-regulated entities like hedge funds, shifting risk to the shadow banking sector. Credit risk transfer is another tool for them to pursue after the Fed’s clarification on what is allowed, said Cory Wishengrad, head of fixed income at Guggenheim Securities. That means Merchants sold the riskiest tranche of the loan portfolio, maximizing the capital relief it could get on it. Whether U.S. regulators will allow such insurance deals to qualify for capital relief is still untested, Staudinger said.

Persons: Morgan Stanley, Blackstone, Jill Cetina, Jon, Claude Zucconi, Zucconi, Michael Barr, Barr, Banks, Missy Dolski, Sam Graziano, Graziano, Cory Wishengrad, Jed Miller, Taft, Morgan Stanley's, Morgan, Deborah Staudinger, Hogan Lovells, Staudinger, Shankar Ramakrishnan, Paritosh Bansal, Nick Zieminski Organizations: Blackstone Group, JPMorgan Chase, Merchants Bank of Indiana, US Bancorp, Investors, JPMorgan, Merchants Bank, Federal Reserve, Varde Partners, Financial, Guggenheim Securities, U.S . Bank, Fed, Reuters, Merchants, Thomson Locations: U.S, Wickersham, Europe, Indiana

☆ Morgan Stanley appoints Jed Finn as head of wealth management - memo
▼ + stars: | 2023-11-20 | by ( ) www.reuters.com time to read: +1 min

A screen displays the trading information for Morgan Stanley on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., January 19, 2022. REUTERS/Brendan McDermid//File Photo Acquire Licensing RightsNov 20 (Reuters) - Morgan Stanley (MS.N) has named Jed Finn as the head of its wealth management unit, according to an internal memo seen by Reuters on Monday. Finn, currently the chief operating officer of the division, joined the investment bank in 2011 and has held several leadership roles in the business, the memo said. The appointment, effective Jan. 1, comes weeks after the bank named Ted Pick as its new chief executive officer. The bank also appointed insiders Jacques Chappuis and Ben Huneke as co-heads of investment management, the memo said.

Persons: Morgan Stanley, Brendan McDermid, Jed Finn, Finn, Ted Pick, Andy Saperstein, Dan Simkowitz, Jacques Chappuis, Ben Huneke, Niket, Tatiana Bautzer, Shounak Dasgupta, Sonia Cheema Organizations: New York Stock Exchange, REUTERS, Reuters, Financial Times, Thomson Locations: New York City, U.S, Bengaluru, New York

☆ Morgan Stanley urges higher quality corporate bonds as 2024 maturities approach
▼ + stars: | 2023-11-20 | by ( Matt Tracy | ) www.reuters.com time to read: +2 min

REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsNov 20 (Reuters) - Investment bank Morgan Stanley (MS.N) is recommending that corporate bond investors focus on higher quality investment-grade and high-yield bonds headed into next year, as a wave of maturities poses risk to more junk-rated companies. Morgan Stanley said it suspects the Federal Reserve has neared the end of its rate-hiking cycle, with a soft landing for the economy in the cards next year. As maturities hit next year, 15-20% of this ratings class is likely to see downgrades to CCC, according to Morgan Stanley. Downgrades will not be limited to junk issuers, Morgan Stanley added. On the leveraged loan front, Morgan Stanley said it expects a return in loan issuance next year for M&A and leveraged buyouts, buoyed in part by anticipated Fed rate cuts.

Persons: Brendan McDermid, Morgan Stanley, maturities, Downgrades, Matt Tracy, Stephen Coates Organizations: Wall, REUTERS, Investment, Federal Reserve, BBB, Thomson Locations: New York, U.S

FILE PHOTO: The Goldman Sachs company logo is on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 13, 2021. Companies, including banks, are grappling with the potential advantages which generative AI can provide their businesses, but also how to manage the challenges the new technology creates. Rival Morgan Stanley (MS.N) is rolling out a generative AI bot that helps financial advisers find research or sift through thousands of forms. The fact that generative AI can offer responses to financial questions also means that, for those providing advice professionally, they need to do more to earn the fees they charge clients. Generative AI has drawn huge interest from investors, aiming to back those companies at the forefront of the technological innovation.

Persons: Goldman Sachs, Brendan McDermid, George Lee, Lee, Morgan Stanley, JPMorgan Chase, Saeed Azhar, David French, Daniel Wallis Organizations: New York Stock Exchange, REUTERS, Street, Reuters NEXT, Companies, OpenAI, JPMorgan, Reuters, reuters, Thomson Locations: New York City, U.S, New York, ChatGPT, Silicon

☆ For global banks, India could soon be worth it
▼ + stars: | 2023-11-07 | by ( Pranav Kiran | ) www.reuters.com time to read: +5 min

The hot new business class ticket within Asia is in fact, Hong Kong to Mumbai. Before the pandemic, more than half of the Asian top line of U.S. bulge bracket banks typically came from Greater China which includes the mainland, Hong Kong, Macau and Taiwan. Overall, IPO fees in India have risen from 1% of proceeds in 2017 closer to 2% in recent years, LSEG data shows. Hong Kong bankers are not going to relocate to India any time soon but while they wait out a slow and uncertain recovery in China activity, the trip to India looks increasingly worthwhile. Proceeds from initial public offerings in India amounted to $3.8 billion across 172 deals as of Oct. 24, according to LSEG data.

Persons: Goldman Sachs, Morgan Stanley, Banks, Mukesh Ambani, Bhavish, Ola, What’s, Gaurav Trehan, Blackstone, Amit Dixit, David Solomon, James Gorman, Citigroup's Jane Fraser, Noel Quinn, Bill Winters, Una Galani, Thomas Shum Organizations: Reuters, UBS, Insurance, JPMorgan, Citigroup, Reliance Industries, KKR, Bank of America, Global Financial, Investment, Hong Kong Monetary Authority, Offshore, Thomson Locations: BENGALURU, Hong Kong, China, Asia, Mumbai, Greater China, Macau, Taiwan, Beijing, Washington, India, United States, Offshore China

☆ Banking chiefs say market vulnerable to 'geopolitical escalation', regulatory push
▼ + stars: | 2023-11-07 | by ( Selena Li | ) www.reuters.com time to read: +3 min

[1/3] UBS Chairman Colm Kelleher looks on during the Global Financial Leaders' Investment Summit, in Hong Kong, China November 7, 2023. REUTERS/Tyrone Siu Acquire Licensing RightsHONG KONG, Nov 7 (Reuters) - Top global banking chiefs on Tuesday said they are concerned the financial sector's next crisis may come from rising geopolitical uncertainty which could test financial market resiliency, while the industry remains vulnerable to regulatory tightening. The trigger for the next global financial crisis is likely to come from the geopolitical or political space, said Morgan Stanley (MS.N) Chairman and CEO James Gorman. Gorman was among more than a dozen top executives of international firms speaking at the Global Financial Leaders Investment Summit hosted by the Hong Kong Monetary Authority. REGULATION "WAY TOO FAR"The global banking bosses also took the stage of the Asia summit to voice their concerns in an unusually aggressive joint effort to push back on a set of stricter banking rules.

Persons: Colm Kelleher, Tyrone Siu, Morgan Stanley, MS.N, James Gorman, Gorman, " Gorman, Christian, Goldman Sachs, David Solomon, Solomon, Morgan Stanley's Gorman, Selena Li ， Kane Wu, Xie Yu, Scott Murdoch, Summer, Tom Hogue, Christopher Cushing, Lincoln Organizations: UBS, Global Financial, Investment, REUTERS, Tyrone, Investment Summit, Hong Kong Monetary Authority, Deutsche Bank, Christian Sewing, UBS Group, Thomson Locations: Hong Kong, China, HONG KONG, Israel, Gaza, Russia, Ukraine, Asia, U.S

☆ Morgan Stanley’s new CEO inherits rich pickings
▼ + stars: | 2023-11-02 | by ( John Foley | ) www.reuters.com time to read: +7 min

A good place to start is outside Morgan Stanley’s home market. Morgan Stanley’s two last big acquisitions were chunky, at a combined $20 billion, but also filled niches. E*Trade, an online brokerage, brought millions of households and company employees that Morgan Stanley hadn’t previously served. Eaton Vance, a U.S. asset manager, peddles investment products that Morgan Stanley now funnels through sales teams in far-flung markets. CEO Jane Fraser shows no inclination to sell private banking, which for now sits within the group’s $756 billion global wealth management bucket.

Persons: Ted Pick’s, Morgan Stanley, Pick, James Gorman, Morgan, Gorman, Germany’s, Britain’s, Morgan Stanley’s, Morgan Stanley hadn’t, Eaton Vance, Smith Barney, watchdogs, Jane Fraser, It’s, Noel Quinn’s, Ping, Colm Kelleher, Ted Pick, Peter Thal Larsen, Thomas Shum Organizations: Reuters, Credit Suisse, McKinsey ., Morgan, Reuters Graphics Reuters, Infrastructure, Citi, U.S, HSBC, HK, UBS, Thomson Locations: U.S, American, Asia, Pacific, Japan, India, China, French, Europe, Switzerland, HK, Swiss

A screen displays the trading information for Morgan Stanley on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., January 19, 2022. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsOct 27 (Reuters) - Morgan Stanley (MS.N) gave its incoming CEO Ted Pick and the two other executives considered for the top job one-time bonuses of $20 million each, the bank said in a filing on Friday. The three-decade Morgan Stanley veteran started his career at the bank and came up the ranks to run trading, equity capital markets and fixed income. It is unusual for Wall Street CEO candidates to stay on if they are not selected, and the bonuses offered at Morgan Stanley break from that tradition. Since becoming CEO in 2010, Gorman has transformed Morgan Stanley, creating a wealth management behemoth and making transformative acquisitions of broker E*Trade and asset manager Eaton Vance.

Persons: Morgan Stanley, Brendan McDermid, MS.N, Ted Pick, Pick, Andy Saperstein, Dan Simkowitz, James Gorman, Jan, Morgan, Gorman, Wells, Mike Mayo, Brian Moynihan, Jamie Dimon, Eaton Vance, Tatiana Bautzer, Lananh Nguyen, Manya, Anil D'Silva, Richard Chang Organizations: New York Stock Exchange, REUTERS, Wall Street, Reuters, Bank of America, JPMorgan Chase, Trade, Manya Saini, Thomson Locations: New York City, U.S, New York, Bengaluru

☆ Wall Street’s glum rainmakers deserve more love
▼ + stars: | 2023-10-26 | by ( John Foley | ) www.reuters.com time to read: +7 min

Morgan Stanley’s (MS.N) investment banking revenue in the third quarter was its worst since 2009, at just over $1 billion. The rapid rise in interest rates, which makes traditional lending more lucrative for so-called universal banks, adds to the glum aura around investment banking. Reuters Graphics Reuters GraphicsInvestment banking isn’t the biggest part of any bulge-bracket firm’s revenue, but it’s disproportionately profitable. Goldman made nearly $8 billion more from investment banking in 2021 than in the last four quarters. Declining volatility in markets is great for deals, but it’s nowhere near as good for banks’ trading desks, which tend to thrive on choppy conditions.

Persons: Caitlin Ochs, Goldman Sachs, Morgan Stanley’s, Goldman, Morgan Stanley, James Gorman, Jane Fraser, David Solomon, they’re, Peter Thal Larsen, Oliver Taslic Organizations: New York Stock Exchange, REUTERS, Reuters, Exxon Mobil, Chevron, JPMorgan, Citigroup, Reuters Graphics Reuters Graphics Investment, Hamas, Goldman, Bank of America, Barclays, Citi, Thomson Locations: New York City, New York, U.S, catnip, Israel, China

☆ Lazard quarterly profit misses estimates on dealmaking drought
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Brendan McDermid/File photo Acquire Licensing RightsOct 26 (Reuters) - Lazard (LAZ.N) on Thursday missed Wall Street estimates for third-quarter profit, as the independent investment bank's advisory business reeled from a prolonged slump in dealmaking activity. Lazard's bigger rivals, JPMorgan Chase & Co (JPM.N) and Morgan Stanley (MS.N), reported weakness in their investment banking segments earlier this month. Lazard reported an adjusted profit of $10 million, or 10 cents per share, in the three months ended Sept. 30, compared with $106 million, or $1.05 per share, a year earlier. Analysts on average has expected a profit of 16 cents per share, according to LSEG data. Reporting by Jaiveer Singh Shekhawat in Bengaluru; Editing by Shinjini GanguliOur Standards: The Thomson Reuters Trust Principles.

Persons: Brendan McDermid, Morgan Stanley, Lazard, Peter R, Orszag, Jaiveer Singh, Shinjini Organizations: Lazard Ltd, New York Stock Exchange, REUTERS, Lazard, JPMorgan Chase &, Revenue, Thomson Locations: New York, U.S, Wall, Bengaluru

☆ Wall Street strategist and '10 Surprises' author Byron Wien dies at 90
▼ + stars: | 2023-10-26 | by ( Svea Herbst-Bayliss | ) www.reuters.com time to read: +3 min

Byron Wien, Vice Chairman of Private Wealth Solutions group, speaks during the Reuters Global Investment 2019 Outlook Summit, in New York, U.S., November 13, 2018. Wien built his wide following on Wall Street during two decades at investment bank Morgan Stanley (MS.N) where he rose to be the firm's chief investment strategist of the United States. Soon after, at age 76, when most people were enjoying retirement, Wien joined private equity firm Blackstone to offer direction and guidance. "My wife hopes I give this up as soon as possible," Wien told the New York Times about writing it. He told the New York Times in 1985 "I'm not sure I can do this job," about the strategist role at Morgan Stanley.

Persons: Byron Wien, Brendan McDermid, Wien, Morgan Stanley, Blackstone, Steve Schwarzman, Jon Gray, I'm, Svea Herbst, Bayliss, Chris Reese Organizations: Wealth Solutions, Reuters, REUTERS, Blackstone Inc, Wien, Pequot Capital Management, Blackstone, U.S, New York Times, Harvard, Svea, Thomson Locations: New York, U.S, United States, China, Wien

☆ Five facts about Morgan Stanley's new CEO Ted Pick
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +1 min

People take photos by the Morgan Stanley building in Times Square in New York City, New York U.S., February 20, 2020. REUTERS/Brendan McDermid/File Photo Acquire Licensing RightsCompanies Morgan Stanley FollowNEW YORK, Oct 25 (Reuters) - Morgan Stanley (MS.N) chose Ted Pick to succeed its longtime leader James Gorman as CEO, effective Jan. 1. Here are five key facts about Pick, who was seen as the front runner before the announcement on Wednesday:1) Pick has been co-president of Morgan Stanley for the past two years. As head of the institutional securities group, he oversaw investment banking, equities, fixed income, capital markets and research. 4) After joining Morgan Stanley in 1990, Pick was promoted to managing director in 2002 and joined the management committee in 2008.

Persons: Morgan Stanley, Brendan McDermid, MS.N, Ted Pick, James Gorman, Pick, Nupur Anand, Lananh Nguyen, Sonali Paul Organizations: New York City , New York U.S, REUTERS, Phi Beta Kappa, Middlebury College, Harvard Business School, Metropolitan Museum of Art, Thomson Locations: New York City , New York, New York

☆ Comments on Morgan Stanley naming Ted Pick as CEO
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +3 min

The corporate logo of financial firm Morgan Stanley is pictured on the company's world headquarters in New York, U.S. April 17, 2017. REUTERS/Shannon Stapleton/File photo Acquire Licensing RightsOct 25 (Reuters) - Below are some quotes from banking observers and CEOs about Morgan Stanley's (MS.N) naming of insider Ted Pick on Wednesday as its chief executive officer effective Jan. 1, replacing long-time leader James Gorman. DAVID SOLOMON, CEO, GOLDMAN SACHS"First, I want to congratulate James Gorman for his very successful run as CEO at Morgan Stanley. James has been a remarkable CEO, a builder, a competitor, but also a great friend. I also congratulate Ted Pick on his appointment as the incoming CEO.

Persons: Morgan Stanley, Shannon Stapleton, Morgan Stanley's, Ted Pick, James Gorman, BRIAN MULBERRY, MOODY'S, STEPHEN BIGGAR, Eaton Vance, DAVID SOLOMON, GOLDMAN SACHS, James, We're, BRIAN MOYNIHAN, KENNETH LEON, MARK NARRON, FITCH, Saeed Azhar, Nupur Anand, Lananh Nguyen, Rod Nickel, Sonali Paul Organizations: REUTERS, ANA, Gorman, Wealth, OF, Thomson Locations: New York, U.S

☆ Morgan Stanley's Pick and Gorman talk succession, strategy and challenges
▼ + stars: | 2023-10-26 | by ( Tatiana Bautzer | Thomson Reuters | Tatiana Bautzer Is A U.S. Banking Correspondent At Reuters In New York. She Previously Covered Banks In Brazil | ) www.reuters.com time to read: +3 min

Companies Morgan Stanley FollowNEW YORK, Oct 25 (Reuters) - Morgan Stanley's (MS.N) current CEO James Gorman and incoming CEO Ted Pick spoke with Reuters about the company's leadership succession and strategy. On strategy: "There is no change in strategy. JAMES GORMANOn Pick: "We picked (Pick) because he's had a long history of showing he's an exceptional operator. It takes, it takes enormous resilience and mental toughness, and he's got that." I chair Columbia Business School, I have a role at University of Melbourne, and I'll do a bit of that.

Persons: Morgan Stanley, Morgan Stanley's, James Gorman, Ted Pick, Gorman, we've, James, Smith Barney, Eaton Vance, We've, Andy Saperstein, Dan Simkowitz, Dan, Andy, JAMES GORMAN, he's, Ted, Tatiana Bautzer, Lananh Nguyen, Sonali Paul Organizations: Reuters, TED, Columbia Business School, University of Melbourne, DOJ, SEC, Thomson

☆ Morgan Stanley CEO shift pleases all, thrills none
▼ + stars: | 2023-10-26 | by ( John Foley | ) www.reuters.com time to read: +4 min

People take photos by the Morgan Stanley building in Times Square in New York City, New York U.S., February 20, 2020. So the crushing conventionality of Morgan Stanley’s (MS.N)new chief executive selection, announced late on Wednesday, is almost certainly the point. The handover should be fairly civil, since the two CEO also-rans, wealth chief Andy Saperstein and investment management head Dan Simkowitz, both get promotions too. Andy Saperstein, previously seen as a contender for the CEO spot, will retain his leadership of Morgan Stanley’s wealth management business. He will also take on its investment management division, which manages and supervises $1.4 trillion of funds.

Persons: Morgan Stanley, Brendan McDermid, Morgan Stanley’s, Ted Pick, James Gorman, He’s, Morgan Stanley lifer, Morgan, Elon Musk, Gorman, Andy Saperstein, Dan Simkowitz, Goldman Sachs, David Solomon, culls, Wells, Jamie Dimon, aren’t, Goldman, Pick, Antony Currie, Thomas Shum Organizations: New York City , New York U.S, REUTERS, Reuters, Twitter, JPMorgan, Reuters Graphics Reuters, Wall, Thomson Locations: New York City , New York

☆ Morgan Stanley's 14 years under James Gorman: a timeline
▼ + stars: | 2023-10-25 | by ( Manya Saini | Thomson Reuters | Manya Saini Reports On Prominent Publicly Listed U.S. Financial Firms Including Wall Street S Biggest Banks | ) www.reuters.com time to read: 1 min

Morgan Stanley CEO James Gorman attends the Reuters NEXT Newsmaker event in New York City, New York, U.S., December 1, 2022. REUTERS/Brendan McDermid Acquire Licensing RightsCompanies Morgan Stanley FollowOct 25 (Reuters) - Morgan Stanley (MS.N) on Wednesday named insider Ted Pick as its next chief executive officer, replacing longtime leader James Gorman, who will become the investment bank's executive chairman. Here is a timeline of key events that shaped Gorman's almost 14-year tenure atop the Wall Street giant:Sources: Company statements, investor updates, investor conferences, media reports, regulatory filingsReporting by Manya Saini in Bengaluru; Editing by Rod Nickel and Sonali PaulOur Standards: The Thomson Reuters Trust Principles.

Persons: Morgan Stanley, James Gorman, Brendan McDermid, Ted Pick, Manya Saini, Rod Nickel, Sonali Paul Organizations: Reuters, REUTERS, Wednesday, Thomson Locations: New York City , New York, U.S, Bengaluru

A screen displays the trading information for Morgan Stanley on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., January 19, 2022. Saperstein, who leads wealth management, will remain co-president and head of wealth, and take on additional responsibilities overseeing investment management. Simkowitz, head of investment management, will become co-president and head of institutional securities. GORMAN'S LEGACYGorman joined Morgan Stanley in February 2006 and was named co-president the following year. Gorman "guided a traditional, white-shoe investment bank through a transformative and successful evolution into a diversified, dynamic wealth management institution," said Ana Arsov, managing director at Moody's.

Persons: Morgan Stanley, Brendan McDermid, Morgan Stanley's, Ted Pick, James Gorman, Gorman, Andy Saperstein, Dan Simkowitz, Pick, Brian Mulberry, John Mack, Brian Moynihan, Jamie Dimon, Eaton Vance, Stephen Biggar, Biggar, bachelor's, Ana Arsov, Manya Saini, Niket, Tatiana Bautzer, Lananh Nguyen, Nupur Anand, Saeed Azhar, Megan Davies, Anil D'Silva, Devika Syamnath, Sonali Paul Organizations: New York Stock Exchange, REUTERS, Wall, Zacks Investment Management, Wall Street's, Bank of America, JPMorgan Chase, Trade Financial Corp, Eaton Vance Corp, Argus Research, University of Melbourne, Columbia University, Thomson Locations: New York City, U.S, Wall, Gorman, Australia, Bengaluru, New York

A branch of Barclays Bank is seen, in London, Britain, February 23, 2022. Barclays shares fell nearly 7% in early trading, while shares in rivals Lloyds (LLOY.L) and NatWest (NWG.L) each dipped around 3%. SLUGGISH INVESTMENT BANKThe lender reported pre-tax profit for the July-September period of 1.9 billion pounds ($2.33 billion) on Tuesday, down from 2 billion pounds a year ago but above a consensus analyst forecast of 1.77 billion pounds. Barclays reported a 6% drop in income at its investment bank for the quarter, following a similarly downbeat performance at the half-year results update in July. ($1 = 0.8151 pounds)Reporting By Lawrence White and Iain Withers; Editing by Kirsten Donovan and Emelia Sithole-MatariseOur Standards: The Thomson Reuters Trust Principles.

Persons: Peter Nicholls, Venkatakrishnan, Goldman Sachs, Morgan Stanley's, Venkat, Matt Britzman, Hargreaves Lansdown, Jes Staley, Jeffrey Epstein, Staley, Lawrence White, Iain Withers, Kirsten Donovan, Emelia Organizations: Barclays Bank, REUTERS, Barclays, Lloyds, NatWest, JPMorgan, Reuters, Banking, Jefferies, Revenue, Bank of America, Financial, Authority, Thomson Locations: London, Britain

Enter the Swiss franc, a longstanding safe haven asset that just hit its highest level against the euro since 2015 , standing tall as its traditional rivals lose appeal. Other than U.S. dollar cash, only the Swiss franc and gold remained as options, Ielpo said. The Swiss franc has rallied over 3% against the yen this month. Reuters GraphicsUNCERTAIN WORLDSince the Oct.7 Hamas attacks in Israel, the Swiss franc -- also referred to as the Swissie -- has rallied roughly 2% against the dollar. "The war in the Middle East clearly has lead to a flight to safety that benefited the Swiss franc," said Karsten Junius, an economist at J.Safra Sarasin in Zurich.

Persons: Morgan Stanley, Florian Ielpo, Ielpo, Jeremy Stretch, Karsten Junius, Francesco Pesole, J.Safra Sarassin's Junius, Luca Paolini, Paolini, Treasuries, Toby Gibb, Naomi Rovnick, Alun John, John Revill, Amanda Cooper, Dhara, Dhara Ranasinghe, Tomasz Janowski Organizations: Swiss, Nestle, Wall, Lombard, U.S, Swiss National Bank, Traders, Ministry of Finance, CIBC Capital Markets, Reuters, ING, Management, Artemis, Thomson Locations: ZURICH, Israel, Geneva, Japan, Zurich, Swiss, U.S, London

☆ Wall St falls more than 1%; yields rise, investors assess earnings
▼ + stars: | 2023-10-18 | by ( Caroline Valetkevitch | ) www.reuters.com time to read: +3 min

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 26, 2023. The S&P 500 passenger airlines index (.SPLRCALI) dropped 5.6%. Shares ended the day down 6.8%. Tesla ended the regular session down 4.8% and Netflix ended the session down 2.7%. The S&P 500 posted 12 new 52-week highs and 25 new lows; the Nasdaq Composite recorded 25 new highs and 252 new lows.

Persons: Brendan McDermid, Netlix, homebuilding, Rick Meckler, Joe Biden, Morgan Stanley's, Tesla, Ankika Biswas, Shashwat Chauhan, Sruthi Shankar, Arun Koyyur, Vinay Dwivedi, Nick Zieminski, David Gregorio Our Organizations: New York Stock Exchange, REUTERS, Airlines, Dow, Nasdaq, Federal Reserve, Cherry Lane Investments, Procter, Gamble, United Airlines Holdings, Dow Jones, U.S, Tesla, Netflix, NYSE, Thomson Locations: New York City, U.S, New Vernon , New Jersey, Israel, Gaza, Bengaluru

☆ US stocks end sharply lower, crude jumps on Middle East tensions
▼ + stars: | 2023-10-18 | by ( Stephen Culp | ) www.reuters.com time to read: +4 min

REUTERS/Andrew Kelly/File Photo Acquire Licensing RightsNEW YORK, Oct 18 (Reuters) - Wall Street stocks tumbled and crude prices surged on Wednesday as escalating Middle East turmoil prompted a broad sell-off and stoked oil supply concerns. European stocks slid, ending down 1.1% due to deepening fears over the Middle East conflict and as a downbeat forecast for the semiconductor sector weighed on sentiment. Emerging market stocks lost 0.95%. Oil prices advanced as the mounting strife in the Middle East appeared to pose a growing threat to supply. The greenback advanced against a basket of world currencies as market participants kept a watchful eye on developments in the Middle East.

Persons: Andrew Kelly, Joe Biden, Greg Bassuk, Bassuk, Morgan Stanley, Brent, homebuilding, Sterling, Gold, Stephen Culp, Amanda Cooper, Christina Fincher, Leslie Adler, Richard Chang Organizations: REUTERS, Nvidia, Tesla Inc, Nasdaq, U.S, AXS Investments, Investors, Procter, Gamble, Dow Jones, Japan's Nikkei, greenback, Thomson Locations: Manhattan , New York City, U.S, Israel, Gaza, China, New York, Beijing, Asia, Pacific, Japan, London

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., September 26, 2023. Demand for safe-haven assets sent gold prices to a more than two-month high, up over 1%, while the U.S. dollar also strengthened. Stronger crude prices pushed energy stocks (.SPNY) 1% higher, while industrials (.SPLRCI) and materials (.SPLRCM) led the decline in major S&P 500 sectors. Declining issues outnumbered advancers by a 3.90-to-1 ratio on the NYSE and by a 2.69-to-1 ratio on the Nasdaq. The S&P index recorded 11 new 52-week highs and 14 new lows, while the Nasdaq recorded 20 new highs and 149 new lows.

Persons: Brendan McDermid, Morgan Stanley, Joe Biden, Biden, Treasuries aren't, Brian Jacobsen, homebuilding, Chris Giamo, Morgan Stanley's, New York's John Williams, Christopher Waller, Michelle Bowman, Jerome Powell's, Patrick Harker, Ankika Biswas, Shashwat Chauhan, Sruthi Shankar, Arun Koyyur, Vinay Dwivedi Organizations: New York Stock Exchange, REUTERS, Tuesday United Airlines, Dow, Nasdaq, U.S ., Annex Wealth Management, Federal Reserve, TD Bank, Abbott Laboratories, Consumer, Procter, Gamble, Tesla, Netflix, . Philadelphia Fed, Wall Street Journal, Dow Jones, Nvidia, Biden, China . United Airlines Holdings, NYSE, Thomson Locations: New York City, U.S, Israel, Gaza, New, China, Bengaluru

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