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☆ Morgan Stanley's new wealth boss Jed Finn shares his playbook from playing matchmaker with E-Trade clients to getting advisors to teach each other how to use AI
  + stars: | 2024-05-01 | by ( Hayley Cuccinello | ) www.businessinsider.com   time to read: +9 min
AdvertisementThe units are combining their outsourced investment services for ultra-high-net-worth wealth clients and institutional customers. The wealth management arm is there to help them pay less taxes on their windfall and manage their fortune. That said, Morgan Stanley has drawn the line in the past at some offerings like health savings accounts. AdvertisementFor Finn, those offerings are a means to an end: converting as many of these clients as possible to become fee-paying wealth management clients. The revenue and margins of the workplace channel and E-Trade, which Morgan Stanley acquired for $13 billion in 2020, are "irrelevant," he said.
Persons: —, Morgan, Jed Finn doesn't, Finn, Andy Saperstein, James Gorman's, Saperstein, Jacques Chappuis, Ben Huneke, Andy Saperstein's, Larry Lettera, Wagner, multibillion, Morgan Stanley, Finn isn't, We're, Jeff McMillan Organizations: Service, McKinsey, bank's, Business, Wall Street, Solium, OpenAI, AIMS
☆ Meet the candidates in the running to replace James Gorman as Morgan Stanley's CEO
  + stars: | 2023-10-20 | by ( Hayley Cuccinello | ) www.businessinsider.com   time to read: +8 min
Morgan Stanley CEO James Gorman plans to retire by May 2024, leaving big shoes to fill. AdvertisementAdvertisementSuccession has traditionally been a bloody sport on Wall Street with the losers leaving and taking their lieutenants with them. Morgan Stanley CEO James Gorman, who plans to retire by May 2024, wants the buck the trend so the bank can hold onto all three candidates. "Wall Street has had a history of that not happening," said Gorman in a July earnings call. With Morgan Stanley at the top of its game, breaking up this well-oiled team could be disastrous.
Persons: Morgan Stanley, James Gorman, Ted Pick, Andy Saperstein, Dan Simkowitz, —, Gorman, Morgan, Ted, He's, Tony James, Morgan Stanley's, Pick, Simkowitz, Dodd, Frank, Fannie Mae, Freddie Mac, Dan, Andy Saperstein Saperstein, Merrill Lynch, Bloomberg, Hayley Cuccinello Organizations: Service, Archegos Capital Management, Washington , D.C, Federal Reserve, Treasury, General Motors, AIG, Citigroup, McKinsey, Staten, Disney, Hamptons Locations: Washington ,, hcuccinello@insider.com
☆ Morgan Stanley's Aussie CEO Gorman transformed bank, deal by deal
  + stars: | 2023-05-19 | by ( Lananh Nguyen | Thomson Reuters | Lananh Nguyen Is The U.S. Finance Editor At Reuters In New York | ) www.reuters.com   time to read: +5 min
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 CEO Gorman to hand reins to successor within a year
  + stars: | 2023-05-19 | by ( Tatiana Bautzer Lananh Nguyen Saeed Azhar | Tatiana Bautzer | Lananh Nguyen | ) www.reuters.com   time to read: +4 min
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.
☆ Here are the 2 very different execs in contention to be CEO of Morgan Stanley
  + stars: | 2023-05-19 | by ( Hayley Cuccinello | ) www.businessinsider.com   time to read: +6 min
James Gorman announced that he will step down as Morgan Stanley CEO in the next year. The three executives in contention are co-presidents Ted Pick and Andy Saperstein, as well as Dan Simkowitz, head of investment management at Morgan Stanley. Morgan Stanley declined to comment. But the long-time Morgan Stanley executives have distinct leadership styles and backgrounds. Do you work for Morgan Stanley?
☆ 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.
☆ Morgan Stanley's dealmaking CEO Gorman signals more purchases to come
  + stars: | 2023-04-19 | by ( Saeed Azhar Tatiana Bautzer | Saeed Azhar | Tatiana Bautzer | ) www.reuters.com   time to read: +3 min
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.
☆ Wall Street succession plans: The case for why all 6 big banks could consider a leadership change this year
  + stars: | 2023-01-20 | by ( Dan Defrancesco | ) www.businessinsider.com   time to read: +7 min
Morgan Stanley CEO James Gorman confirmed what everyone already presumed: There are three executives in the running for his job. It turns out you could make the case for every top US bank making a change in leadership, either with or without the consent of their CEO. At 64 years old, he's the second-oldest CEO among the big six US banks. When discussing succession plans with Bloomberg on Thursday, Gorman acknowledged he doesn't want this job forever. And at 63 years old, he's not exactly a spring chicken.
☆ JPMorgan's acquisition strategy is coming under fire. Here are the 15 fintech and consumer-focused deals done by the bank since 2020.
  + stars: | 2023-01-13 | by ( Carter Johnson | Rebecca Ungarino | ) www.businessinsider.com   time to read: +19 min
NutmegDeal details: JPMorgan announced the acquisition in June 2021, paying approximately $1 billion. cxLoyaltyDeal details: JPMorgan said it would buy cxLoyalty's global loyalty division in December 2020. ProxymityDeal details: JPMorgan, Citi, HSBC, and other firms together invested $20.5 million in Proxymity in May 2020. Viva WalletDeal details: JPMorgan said it would acquire 49% of Viva Wallet in January 2022, pending regulatory approval. Christian Petersen-Clausen/Getty ImagesRenovite TechnologiesDeal details: JPMorgan announced on September 12 it plans to acquire Renovite.
☆ Morgan Stanley CEO James Gorman says there's about to be a "washout" of fintech valuations and a wave of consolidation. Here's how the bank is thinking about potential deals.
  + stars: | 2022-10-14 | by ( Hayley Cuccinello | Bianca Chan | ) www.businessinsider.com   time to read: +4 min
Morgan Stanley CEO James Gorman predicted a "wash out" for fintech firms in an earnings call. The market is volatile, but Morgan Stanley CEO James Gorman sees it as a return to normalcy. Companies trading at 50 times revenue, what's gone on with Bitcoin trading at $60,000, and what's gone on with GameStop and other companies," Gorman said in the third-quarter earnings call on October 14. Consolidation in the fintech space is nothing new to Morgan Stanley, he added. Fintech founders, however, have been reluctant to face their new reality, according to a slew of VCs.
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