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☆ 4 ways equity management can help build a foundation for growth
▼ + stars: | 2024-05-02 | by ( Sponsor Post | ) www.businessinsider.com time to read: +7 min

To drive a culture of ownership, companies must build an effective strategy around equity management. Optimize capitalization table managementOne of the core elements of an effective equity management strategy is a transparent and defensible capitalization table. And with a partner to help design or evolve your equity plan management strategy, your organization will be well-prepared for its next stage of growth. Morgan Stanley Smith Barney LLC ("Morgan Stanley") and its Financial Advisors and Private Wealth Advisors do not provide any tax/legal advice. Morgan Stanley at Work services are provided by Morgan Stanley Smith Barney LLC, member SIPC, and its affiliates, all wholly owned subsidiaries of Morgan Stanley.

Persons: Teri McFadden, you've, Morgan Stanley, Mike Jung, Morgan Stanley Smith Barney, SIPC Organizations: Norwest Venture Partners, Circle, Insider Studios, Financial Advisors, Wealth Advisors

☆ Shipping CEO Angela Chao, sister of former Cabinet member Elaine Chao, dies in car crash
▼ + stars: | 2024-02-14 | by ( Chris Isidore | ) edition.cnn.com time to read: +2 min

New York CNN —Angela Chao, CEO of the shipping company the Foremost Group and sister of former US cabinet secretary Elaine Chao, was killed in a car crash in Texas on Sunday, according to a spokesperson for her company. Angela Chao, 50, had been CEO of the shipping company since 2018, assuming the role from her father, James S.C. Chao, who had founded it in 1964. “Angela Chao was a formidable executive and shipping industry leader, as well as a proud and loving daughter, sister, aunt, wife and mother. She was also a precocious youngster, learning about the shipping industry at an early age,” said the companies’ statement. Elaine Chao is the wife of Senate Minority Leader Mitch McConnell.

Persons: Angela Chao, Elaine Chao, James S.C, Chao, Michael Lee, Smith Barney, Morgan Stanley, “ Angela Chao, ”, TradeWinds, “ Angela, Presisdent George W, Donald Trump, Mitch McConnell Organizations: New, New York CNN, Foremost, Harvard, American Bureau of Shipping Council, Harvard Business School’s, Dean’s Advisors, Metropolitan Opera, Chairman’s, Metropolitan Museum of Art, Museum of Contemporary Art, Shanghai Mulan Education, Asian American Foundation, Asian Americans, Pacific Islanders Locations: New York, Texas, Austin , Texas, Los Angeles, Shanghai

☆ Dr. Trisha Bailey is the richest Jamaican-born woman. She overcame a lot to get here
▼ + stars: | 2023-11-25 | by ( Jamisha Smith | ) www.businessinsider.com time to read: +6 min

Entrepreneur Dr. Trisha Bailey says despite a youth marked by trauma and poverty, she wouldn't change a single thing about her life. Dr. Bailey was recovering from a suicide attempt when she founded Bailey Medical Equipment & Supply and Pharmacy. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementThis as-told-to essay was based on a conversation with Dr. Trisha Bailey, a billionaire who became the richest woman born in Jamaica. Dr. Trisha Bailey is an entrepreneur who has become the richest Jamaican-born woman.

Persons: Trisha Bailey, Bailey, —, Salomon Smith Barney, Morgan Stanley, Shotby3DPhotography, Oprah Winfrey Organizations: Bailey, & Supply, Pharmacy, Service, University of Connecticut, UCONN, Bailey's, Atlanta Hawks, Charlotte Hornets, Phoenix Suns Locations: Jamaica, Connecticut, America, Florida, United States

☆ Morgan Stanley Smith Barney to pay $6.5 mln on allegations of compromising customer data
▼ + stars: | 2023-11-16 | by ( ) www.reuters.com time to read: 1 min

Technology category · November 16, 2023 · 10:29 AM UTCSingapore Telecommunications (SingTel) , the parent of Australian telecoms provider Optus, said on Thursday a fault in Optus' safety mechanisms, and not a routine software upgrade triggered by SingTel, led to the 12-hour long outage last week.

Persons: SingTel Organizations: Singapore Telecommunications, Optus

☆ 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

☆ Morgan Stanley’s James Gorman Picked a Good Time to Leave
▼ + stars: | 2023-10-28 | by ( Telis Demos | ) www.wsj.com time to read: +1 min

James Gorman has spent nearly 14 years as Morgan Stanley CEO. Photo: Michael Bucher/The Wall Street JournalJames Gorman guided Morgan Stanley through years of superlow interest rates and booming stock markets. His successor, Ted Pick , might have to come up with some new ideas for a new era. Gorman, who will step down at the end of the year after almost 14 years as chief executive, bet big on wealth and asset management by absorbing all of Smith Barney and later buying E*Trade and Eaton Vance. And by valuation, Morgan Stanley has often been the leader of the pack, generally trading at a higher price-to-book ratio than even JPMorgan since the start of last year.

Persons: James Gorman, Morgan Stanley, Michael Bucher, Ted Pick, Gorman, Smith Barney, Eaton Vance, JPMorgan Chase Organizations: JPMorgan, JPMorgan Chase ’

☆ 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 Names Ted Pick, a Bank Veteran, Its Next C.E.O.
▼ + stars: | 2023-10-25 | by ( Rob Copeland | More About Rob Copeland | ) www.nytimes.com time to read: +2 min

Pick, 54, joined Morgan Stanley in 1990 and rose through the ranks in its investment banking and trading businesses, most recently serving as a co-president overseeing those units. In an interview, he said he hadn’t found out that he would be named chief executive until around 4:30 p.m. Wednesday, when the bank’s board of directors called him into a meeting and welcomed him with a standing ovation. He stands to inherit a very different bank from the one Mr. Gorman took over after the 2008 financial crisis. The power struggle was captured in “Blue Blood and Mutiny: The Fight for the Soul of Morgan Stanley,” by the journalist Patricia Beard. With a strong technology banking practice, Morgan Stanley played a central role last year in Mr. Musk’s takeover of Twitter, now known as X.

Persons: Pick, Morgan Stanley, hadn’t, Gorman, Morgan Stanley’s, John J, Mack, Philip J, Purcell, ”, Patricia Beard, Smith Barney, Morgan Organizations: Credit Suisse, Elon, Twitter

☆ How Morgan Stanley exec Ted Pick rose from 'rough edged' deal junkie to CEO
▼ + stars: | 2023-10-25 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +21 min

Editor's note: Morgan Stanley announced on October 25 that Ted Pick would replace James Gorman as CEO. Employees knew they were getting promoted if Pick told them to wear a tie the following day, an ex-managing director recalled. While Morgan Stanley currently trades at a premium among its Wall Street peers, its enviable success isn't thanks to Pick. Gonzalo Marroquin/Patrick McMullan via Getty Images Show less Morgan Stanley investment management head and dark horse in the race for CEO, Dan Simkowitz. Despite enjoying the stock price gains under Gorman's reign, plenty of longtime employees want another dyed-in-the-wool Morgan Stanley loyalist, according to a former senior executive.

Persons: Morgan Stanley, Ted Pick, James Gorman, Pick, Gucci loafers, Blackstone, Tony James, Morgan, Gorman, Andy Saperstein, Dan Simkowitz, John Mack, Ted, James, Phil Purcell, Mack, Purcell, Merrill Lynch, Paul Taubman, Colm Kelleher, coheads, Gonzalo Marroquin, Patrick McMullan, Saperstein, Euromoney, Parker Gilbert, He's, John, cohead, Bolu, Goldman Sachs, Pablo, tony, Betsey Kittenplan, Smith Barney, James cochairs, Jim Breyer, Anna Wintour, John Mack pranking Pick, John Waldron, I'm, Howard Marks, Bill Parcells, atta, Brian Moynihan, aren't, David Solomon, Jamie Dimon's, Eaton Vance, he's, you've, Richard Drew, —, Hayley Cuccinello Organizations: Employees, Archegos Capital Management, Blackstone, McKinsey, Getty, Middlebury College, China Construction Bank, Harvard Business School, Mitsubishi, Wall, Autonomous Research, Anguilla, Agricultural Bank of China, Capital Management, Metropolitan Museum of Art, Vogue, New York Rangers, Oaktree Capital Management, Bloomberg, Staten, Disney, JPMorgan, Trade, AP Locations: China, Beijing, Manhattan, New York City, Caracas, Venezuela, Brookville, tony Long, hcuccinello@insider.com

☆ Citigroup CEO Jane Fraser pushes biggest overhaul in almost two decades
▼ + stars: | 2023-09-13 | by ( Tatiana Bautzer | ) www.reuters.com time to read: +3 min

Citigroup CEO Jane Fraser testifies during a U.S. House Financial Services Committee hearing titled “Holding Megabanks Accountable: Oversight of America’s Largest Consumer Facing Banks” on Capitol Hill in Washington, U.S., September 21, 2022. The bank is also planning to list its Mexican consumer unit, known as Banamex, after a sale process fell through. Scottish-born Fraser is the first woman to lead a Wall Street bank. She spoke in March about her life and career in a wide-ranging interview with Carlyle Group (CG.O) Co-Founder David Rubenstein. Reporting by Tatiana Bautzer; writing by Michelle Price; editing by Lananh Nguyen and Josie KaoOur Standards: The Thomson Reuters Trust Principles.

Persons: Jane Fraser, Elizabeth Frantz, Jane Fraser's, we've, Fraser, Michael Corbat's, Sandy Weill, David Rubenstein, Goldman Sachs, Smith Barney, Tatiana Bautzer, Michelle Price, Lananh Nguyen, Josie Kao Organizations: Citigroup, . House Financial, REUTERS, Citi, JPMorgan Chase &, Bank of America, Banks, Carlyle Group, Cambridge University, Harvard Business School, McKinsey, Thomson Locations: Washington , U.S, U.S, New York, Scottish, Mexico

☆ Meet Ted Pick, the hard-charging 'deal junkie' who rose to the top at Morgan Stanley the old-fashioned way — and looks poised to succeed James Gorman as CEO
▼ + stars: | 2023-08-01 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +20 min

Employees knew they were getting promoted if Pick told them to wear a tie the following day, an ex-managing director recalled. While Morgan Stanley currently trades at a premium among its Wall Street peers, its enviable success isn't thanks to Pick. Succession has traditionally been a bloody sport on Wall Street, and Morgan Stanley is no exception. Gonzalo Marroquin/Patrick McMullan via Getty Images Show less Morgan Stanley investment management head and dark horse in the race for CEO, Dan Simkowitz. Despite enjoying the stock price gains under Gorman's reign, plenty of longtime employees want another dyed-in-the-wool Morgan Stanley loyalist, according to a former senior executive.

Persons: Morgan Stanley, Ted Pick, Pick, Gucci loafers, Blackstone, Tony James, Morgan, James Gorman, Gorman, Andy Saperstein, Dan Simkowitz, John Mack, Ted, James, Phil Purcell, Mack, Purcell, Merrill Lynch, Paul Taubman, Colm Kelleher, coheads, Gonzalo Marroquin, Patrick McMullan, Saperstein, Euromoney, Parker Gilbert, He's, John, cohead, Bolu, Goldman Sachs, Pablo, tony, Betsey Kittenplan, Smith Barney, James cochairs, Jim Breyer, Anna Wintour, John Mack pranking Pick, John Waldron, Goldman, I'm, Howard Marks, Bill Parcells, atta, Brian Moynihan, aren't, David Solomon, Jamie Dimon's, Eaton Vance, he's, you've, Richard Drew, — Organizations: Employees, Archegos Capital Management, Blackstone, McKinsey, Getty, Middlebury College, China Construction Bank, Harvard Business School, Mitsubishi, Wall, Autonomous Research, Anguilla, Agricultural Bank of China, Capital Management, Metropolitan Museum of Art, Vogue, New York Rangers, Oaktree Capital Management, Bloomberg, Staten, Disney, JPMorgan, Trade, AP Locations: China, Beijing, Manhattan, New York City, Caracas, Venezuela, Brookville, tony Long

☆ A fund manager beating 99% of his peers over the last 5 years explains why value is gearing up for a rebound following AI-driven mania — and shares 7 cheap stocks to bet on
▼ + stars: | 2023-07-13 | by ( William Edwards | ) www.businessinsider.com time to read: +4 min

A common phrase you'll hear from folks at Smead Capital Management is "fear stock market failure." He manages the Smead Value Fund (SMVLX), which has beaten 99% of similar funds over the last five-year period, and 97% over the last 10- and 15-year periods, according to Morningstar data. Value stocks to buyWithin value stocks, Smead is most bullish on the energy sector, as he believes we're in the earlier stages of a "commodities super cycle." Another area of the market Smead is bullish on right now is shopping mall real-estate investment trusts, or REITs. "Collecting a 6% dividend from them and having upside potential in a stock market that might struggle looks like a winning hand."

Persons: Bill Smead, Smead, he's, Smith Barney, Wells, Ben, we're, Stifel's Barry Bannister, millenials, it's Organizations: APA, DVN, MAC, Smead Capital Management, Morningstar, Smead Capital, Smead, Management, Occidental Petroleum, ConocoPhillips, Property Group, Simon Property Group Locations: OXY, Devon

Under his leadership, Morgan Stanley became a wealth management powerhouse that aims to manage $10 trillion in assets. Morgan Stanley bought money manager Eaton Vance, online broker E*Trade, and stock-plan manager Solium Capital under Gorman's leadership. He was also the key architect behind Morgan Stanley's purchase of Smith Barney, a brokerage and investment adviser, in 2009. The acquisitions have made Morgan Stanley's U.S. wealth business an "asset gathering monster," and a "killer machine," he said on an earnings conference call last month. "This structure will ensure the continued stability of Morgan Stanley, while at the same time positioning it for a decade of exciting growth under new leadership."

Morgan Stanley co-presidents Ted Pick and Andy Saperstein, and head of investment management Dan Simkowitz, are widely seen as contenders for the top job. Morgan Stanley shares were little changed in early trading, down 0.9%. The less volatile business of wealth management accounted for 45% of firm's revenue in the first quarter. Morgan Stanley's first-quarter profit beat expectations as rising revenue from wealth management offset declines in investment banking and trading. Simkowitz, the eldest of the three at 58, is head of investment management at Morgan Stanley and co-head of the firm's strategy and execution.

☆ Factbox: Morgan Stanley's three potential CEO candidates
▼ + stars: | 2023-05-19 | by ( ) www.reuters.com time to read: +2 min

May 19 (Reuters) - Morgan Stanley (MS.N) will likely appoint its next CEO in the next 12 months, its current Chief Executive James Gorman said on Friday. EDWARD (TED) PICK, 54Ted Pick is co-president and head of the institutional securities group at Morgan Stanley. In May, Morgan Stanley said it is looking to resolve an investigation by U.S. regulators. Pick joined Morgan Stanley in 1990 and was promoted to managing director in 2002. He began his career at Morgan Stanley in 1990 and has worked in New York, Tokyo and Hong Kong.

☆ Our conviction in Morgan Stanley remains solid, despite the CEO's planned departure
▼ + stars: | 2023-05-19 | by ( Kevin Stankiewicz | In Kevinstankiewicz | ) www.cnbc.com time to read: +5 min

Jim on Friday matched Gorman's confidence in the future of Morgan Stanley, saying its stock looked very attractive at current levels. The day before Gorman took over as CEO, on Jan. 1, 2010, Morgan Stanley stock closed at $29.60 per share. Investors like steadiness, so they're willing to pay more for every dollar of wealth-and-asset-management revenue compared with investment banking and trading. Over time, this dynamic should allow Morgan Stanley to command a higher price-to-earnings ratio. James Gorman, chairman and chief executive officer of Morgan Stanley, speaks during a Bloomberg Television interview in Beijing, China, on Thursday, May 30, 2019.

☆ Morgan Stanley CEO James Gorman plans to step down after years of making the bank the envy of Wall Street. Here's a look at his legacy.
▼ + stars: | 2023-05-19 | by ( Rebecca Ungarino | Alex Morrell | Dakin Campbell | ) www.businessinsider.com time to read: +11 min

Morgan Stanley CEO James Gorman said he will step down in the next 12 months. Morgan Stanley CEO James Gorman was giddy. Seeking stabilityTo understand where Morgan Stanley is now, you need to return to the peak of the financial crisis. It didn't take long before Morgan Stanley began utilizing its new license to acquire clients' deposits, reducing its reliance on wholesale funding. Mack, who helped design the 1997 Morgan Stanley and Dean Witter merger, had been pushed out by Purcell in 2001.

☆ James Gorman, Morgan Stanley’s Long-Serving C.E.O., to Step Down Within a Year
▼ + stars: | 2023-05-19 | by ( Rob Copeland | ) www.nytimes.com time to read: +2 min

Mr. Gorman took over the bank in 2010, after Morgan Stanley nearly crumbled during the preceding financial crisis. Morgan Stanley has since hired some of that fallen bank’s advisers, bolstering its already enviable wealth management business, previously called Morgan Stanley Smith Barney. Mr. Gorman, 64, will likely depart at the same age as did his predecessor, John Mack, who left at 65. Neither Mr. Gorman nor Morgan Stanley gave an exact date for his departure from the chief executive role. The Morgan Stanley chief, referencing the drama around the show’s departed patriarch, said he had “no plans to go out like Logan Roy.”

☆ Morgan Stanley CEO plans to step down within the year, sparking Wall Street succession race
▼ + stars: | 2023-05-19 | by ( Hugh Son | ) www.cnbc.com time to read: +2 min

James Gorman said Friday he plans to resign as Morgan Stanley 's CEO within the year, setting off a succession race atop one of Wall Street's dominant firms. Since taking over in 2010, Gorman has pulled off one of the more successful transformations on Wall Street. Through a series of savvy acquisitions, Morgan Stanley rebounded after nearly capsizing during the 2008 financial crisis to become a wealth management juggernaut. The bank began that journey in 2009, when Morgan Stanley purchased Smith Barney from Citigroup in the throes of the financial crisis, gaining thousands of financial advisors. Shares of Morgan Stanley have tripled during Gorman's tenure.

☆ CEO who manages $1.5 billion in assets shares her No. 1 investment tip for women: ‘Just do it’
▼ + stars: | 2023-05-10 | by ( Tom Huddleston Jr. | ) www.cnbc.com time to read: +3 min

Sallie Krawcheck's biggest piece of advice for women investors is simple: Invest some money. After Wall Street CEO and CFO jobs at places like Citibank and Smith Barney, Krawcheck co-founded Ellevest, a digital investment and wealth management platform, in 2014. One in 10 women say they don't fully understand investing, and only about 28% feel confident investing, the BNY Mellon report noted. "Women will not invest if they don't understand, [but] men will invest anyway." That trend is good news for a platform like Ellevest, which has raised $144 million in funding since launching and manages more than $1.5 billion in assets from women investors.

May 8 (Reuters) - Goldman Sachs Group Inc (GS.N) agreed to pay $215 million to settle a class action alleging widespread bias against women in pay and promotions, ending one of the highest-profile lawsuits claiming unequal treatment of women on Wall Street. In a well-known 1990s case, Smith Barney settled charges that men harassed women in a space known as the "Boom-Boom Room." "This settlement will help the women I had in mind when I filed the case," Orlich said in a statement. The settlement also calls for Goldman to hire independent experts to analyze its gender pay gaps and performance evaluation processes. In 2020, the bank said it aimed for 40% of vice presidents to be women within five years.

☆ Sallie Krawcheck says a single decision was almost ‘the end of my career’—instead it launched her to Wall Street stardom
▼ + stars: | 2023-05-03 | by ( Tom Huddleston Jr. | ) www.cnbc.com time to read: +6 min

Sallie Krawcheck's legendary Wall Street career almost ended soon after it began. The move was slammed by her Wall Street peers. On Wall Street, the consensus is often seen as the safest bet. You were among the first female CEOs on Wall Street. The upside to running one of these storied Wall Street firms is [that] I'm going to get to turn it around, I'm going to learn a tremendous amount, I'm going to do something no one else has done.

Gorman has transformed the Wall Street powerhouse into a more diversified firm that is less reliant on its traditional strengths -- trading and investment banking -- since taking the helm in 2010. He was also the key architect behind Morgan Stanley's purchase of Smith Barney, a brokerage and investment adviser that became a cornerstone of the bank's wealth management arm. Morgan Stanley's profit beat expectations as rising revenue from wealth management in the first quarter offset declines in investment banking and trading. Wealth management accounted for 45% of firm's revenue, the results showed. Despite strains at some U.S. banks, Gorman said the industry is not in a banking crisis, nor was it facing problems comparable to the mortgage crash in 2008.

That makes the business less than half the size of Bank of America Corp's (BAC.N) Merrill Wealth Management arm, the $18-billion behemoth Sieg ran until he left last month. Another challenge is that Citi has historically been undersized and a bit of a laggard in the space...especially in the wealth business where it’s all about existing relationships." In some ways, Citigroup is playing catchup after selling its old wealth business, Smith Barney, a decade ago to Morgan Stanley, which then leaned heavily into wealth management. That bet paid off - Morgan Stanley's wealth unit, led by Andy Saperstein, brought in record revenue last year. Two years ago, Citigroup unified its various wealth businesses into a single organization led by Jim O'Donnell that included its private bank and personal wealth division.

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