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☆ 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

☆ Star-filled Euclid images spur mission to probe 'dark universe'
▼ + stars: | 2023-11-07 | by ( Tim Hepher | ) www.reuters.com time to read: +5 min

PARIS, Nov 7 (Reuters) - European astronomers on Tuesday released the first images from the newly launched Euclid space telescope, designed to unlock the secrets of dark matter and dark energy - hidden forces thought to make up 95% of the universe. Scientists believe vast, seemingly organised structures such as Perseus could only have formed if dark matter exists. "The rest of the universe we call dark because it doesn't produce light in the normal electromagnetic spectrum. Tell-tale signs of the hidden force exerted by dark matter include galaxies rotating more quickly than scientists would expect from the amount of visible matter that can be detected. We think there's lots of dark matter in that cluster and pulling these galaxies together," she added.

Persons: Carole Mundell, Mundell, Euclid, we've, Europe's, NASA's James Webb, You'll, Tim Hepher, Steve Gorman, Alex Richardson Organizations: European Space Agency, NASA, Reuters, Hubble, ESA, SpaceX, NASA's James Webb Space Telescope, Thomson Locations: Darmstadt, Germany, Spain, Ukraine, Florida, Los Angeles

☆ US appeals court upholds Illinois assault weapons ban
▼ + stars: | 2023-11-04 | by ( Steve Gorman | ) www.reuters.com time to read: +3 min

REUTERS/Cheney Orr/File Photo Acquire Licensing RightsNov 3 (Reuters) - A U.S. appeals court on Friday upheld an Illinois state ban on assault-style weapons and high-capacity ammunition magazines enacted after a 2022 mass shooting in Chicago's Highland Park suburb that left seven people dead and dozens more wounded. The Democratic-backed state measure bans the sale and distribution of many kinds of high-powered semiautomatic "assault weapons," including AK-47 and AR-15 rifles, and large-capacity magazines. In one notable aspect of its reasoning in upholding the Illinois law, the appellate panel cited a U.S. Supreme Court opinion last year that struck down New York state's limits on carrying concealed handguns outside the home. In August, a divided Illinois Supreme Court upheld the assault weapons ban in a separate case brought at the state court level, rejecting arguments that the law violated the state constitution by not applying the ban equally to all citizens. Circuit Court of Appeals ruled that California's assault weapons ban would remain in force while the state attorney general appealed a lower-court decision declaring that 30-year-old measure unconstitutional.

Persons: Cheney Orr, Diane Wood, Bill Clinton, Wood, Judge Frank Easterbook, Ronald Reagan, Michael Brennan, Donald Trump, Steve Gorman, Nate Raymond, Jamie Freed Organizations: REUTERS, U.S, Circuit, Democratic, AK, District of Columbia, Appeals, Thomson Locations: Chicago, Highland Park , Illinois, U.S, Illinois, Highland, New York, District, Los Angeles, Boston

Cast member Matthew Perry poses at the premiere of the television series "The Kennedys After Camelot" at The Paley Center for Media in Beverly Hills, California U.S., March 15, 2017. REUTERS/Mario Anzuoni/File Photo Acquire Licensing RightsNov 3 (Reuters) - Actor Matthew Perry, who died on Saturday at age 54, was laid to rest on Friday at a Los Angeles cemetery in a service attended by relatives and castmates from the hit 1990s television sitcom "Friends," show business media reported, citing photographs. Mourners gathered at the Forest Lawn cemetery in the Hollywood Hills neighborhood of Los Angeles, less than a mile from the Warner Brothers studio where the show was filmed. The cause and manner of Perry's death are to be determined by the Los Angeles County Medical Examiner's Office, following completion of an autopsy with toxicology tests. Reporting by Daniel Trotta in Carlsbad, California, and Steve Gorman in Los Angeles; Editing by Jamie FreedOur Standards: The Thomson Reuters Trust Principles.

Persons: Matthew Perry, Mario Anzuoni, Michael Jackson, Lucille Ball, Elizabeth Taylor, Perry, Chandler Bing, York Post's, Jennifer Aniston, Courteney Cox, Lisa Kudrow, Matt LeBlanc, David Schwimmer, TMZ, John Bennett Perry, Keith Morrison, that's, Daniel Trotta, Steve Gorman, Jamie Freed Organizations: The Paley Center for Media, Beverly Hills , California U.S, REUTERS, Warner Brothers, Media, TMZ, Los Angeles, Los Angeles County Medical, Thomson Locations: Beverly Hills , California, Los Angeles, Hollywood, York, Los Angeles County, Carlsbad , California

☆ Alaska Airlines sued over attempt by off-duty pilot to shut down engines
▼ + stars: | 2023-11-03 | by ( Steve Gorman | Companies Need To Integrate Climate Reporting Across Functions To Comply With California S New Law | Henry Engler | ) www.reuters.com time to read: +3 min

The lawsuit stems from an in-flight emergency declared by the crew of Alaska Airlines Flight 2059 over the Pacific Northwest while the aircraft was en route from Everett, Washington, to San Francisco, on Oct 22. The suit also names Horizon Air - the regional subsidiary operating the Alaska Airlines flight- as a defendant. Alaska Airlines in an emailed statement to Reuters said that they have received the complaint and are reviewing it. The suit also seeks injunctive relief mandating Alaska Airlines and Horizon Air to conduct examinations of all anticipated flight crew and jump seat passengers, including their "mental health status". Joseph David Emerson was the Alaska Airlines pilot who was riding as a standby employee passenger in the cockpit "jump seat".

Persons: Joseph David Emerson, Dave Killen, Emerson, Steve Gorman, Abinaya, Shubhendu, Chandni Shah, Mrinmay Dey, Gokul, Devika Nair, Aurora Ellis Organizations: Alaska Airlines, Horizon Air, Horizon, Reuters, Alaska Air, Shubhendu Deshmukh, Thomson Locations: Multnomah County, Portland , Oregon, U.S, Seattle, Pacific Northwest, Everett , Washington, San Francisco, Washington, Los Angeles, Bengaluru

☆ 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

☆ US House speaker plans vote this week on stand-alone Israel aid bill
▼ + stars: | 2023-10-30 | by ( ) www.reuters.com time to read: +2 min

Newly elected Speaker of the House Mike Johnson (R-LA) takes his oath of office after he was elected to be the new Speaker at the U.S. Capitol in Washington, U.S., October 25, 2023. REUTERS/Elizabth Frantz/File Photo Acquire Licensing RightsWASHINGTON, Oct 29 (Reuters) - Newly installed U.S. House Speaker Mike Johnson said on Sunday he expects floor action this week to advance a funding bill to support Israel exclusively, even though President Joe Biden is pushing for a $106 billion aid package for Israel and Ukraine combined. "We're going to move a stand-alone Israel funding bill this week in the House," Johnson said in an interview on Fox News, adding that he believes the measure will draw bipartisan support and that Republicans will back a similar measure in the Senate. Members of the U.S. House of Representatives, which Republicans control by a narrow majority, are scheduled to return from a recess on Wednesday. "There are lots of things going on around the world that we have to address and we will," Johnson said, without explicitly mentioning the Ukraine conflict.

Persons: Mike Johnson, Elizabth Frantz, Joe Biden, Johnson, we’ve, ” Biden, Brad Heath, Steve Gorman, Stephen Coates Organizations: U.S, Capitol, REUTERS, Rights, Fox News, Republicans, U.S . House, Representatives, Israel, Hamas, Thomson Locations: Washington , U.S, Israel, Ukraine, Russia, U.S, Mexico, Gaza, Washingto, Los Angeles

☆ Matthew Perry's 'Friends' co-stars pay tribute to fallen cast mate
▼ + stars: | 2023-10-30 | by ( Steve Gorman | ) www.reuters.com time to read: +2 min

David Schwimmer, Lisa Kudrow, Matthew Perry, Courteney Cox Arquette, Jennifer Aniston and Matt LeBlanc of "Friends", appear in the photo room at the 54th annual Emmy Awards in Los Angeles, U.S., September 22, 2002. REUTERS/Mike Blake/File Photo Acquire Licensing RightsLOS ANGELES, Oct 30 (Reuters) - The five surviving co-stars of the hit 1990s television sitcom "Friends" paid tribute on Monday to their fallen cast mate, Matthew Perry, in a joint message lamenting his death two days earlier as an "unfathomable loss." The cause and manner of Perry's death are to be determined by the Los Angeles County Medical Examiner's Office, following completion of an autopsy with toxicology tests. Perry's death came one year after publication of his memoir, "Friends, Lovers, and the Big Terrible Thing," which chronicled his decades-long struggle with addition to prescription painkillers and alcohol. Reporting by Steve Gorman in Los Angeles; Editing by Lincoln Feast.

Persons: David Schwimmer, Lisa Kudrow, Matthew Perry, Courteney Cox Arquette, Jennifer Aniston, Matt LeBlanc, Mike Blake, Courteney Cox, Perry, Matthew, Chandler Bing, Steve Gorman, Lincoln Organizations: REUTERS, People, Los Angeles, Los Angeles County Medical, NBC, Thomson Locations: Los Angeles , U.S, Los Angeles, Los Angeles County, Manhattan

☆ Morgan Stanley gave a $20 million bonus to its incoming CEO, and to the 2 rival execs who missed out on the top job
▼ + stars: | 2023-10-30 | by ( Grace Dean | ) www.businessinsider.com time to read: +3 min

Morgan Stanley is giving $20 million bonuses to its incoming CEO and the two other candidates. Morgan Stanley said the awards would ensure "that each executive continues their outstanding leadership in their new roles. AdvertisementAdvertisementMorgan Stanley is giving $20 million bonuses to its incoming CEO and the two other executives who missed out on the top role. Morgan Stanley said in a filing Friday that its board's compensation, management-development, and succession committee had approved one-time equity-based awards to Pick, Saperstein, and Simkowitz. AdvertisementAdvertisementIn 2022, Pick, Saperstein, and Simkowitz each had a base salary of $1 million.

Persons: Morgan Stanley, Ted Pick, Dan Simkowitz, Andy Saperstein, —, James Gorman, Pick, Gorman, Ted Organizations: Service, Street, Institutional Securities Group, Company

☆ US appeals court keeps California assault weapons ban in force
▼ + stars: | 2023-10-29 | by ( Steve Gorman | ) www.reuters.com time to read: +3 min

Courtesy LBPD/Handout via REUTERS Acquire Licensing RightsLOS ANGELES, Oct 28 (Reuters) - A U.S. appeals court ruled on Saturday that California's assault weapons ban will remain in force while the state attorney general appeals a lower court decision declaring the 30-year-old measure unconstitutional. Bonta, a Democrat who called Benitez' decision "dangerous and misguided," welcomed Saturday's 9th Circuit order. California in 1989 became the first U.S. state to ban assault weapons, acting in the wake of a school shooting that killed five children and toughening the law the following year. Since then, California has restricted the manufacture, distribution, transportation, importation, sale or possession of firearms that qualify under the law as "assault weapons." But the 9th Circuit subsequently allowed that statute to remain in effect while the state appeals.

Persons: Roger Benitez, Rob Bonta's, Benitez, Saturday's, Bonta, Steve Gorman, Cynthia Osterman Organizations: Long Beach Police Department, REUTERS Acquire, U.S, Circuit, District, Thomson Locations: Long Beach, Long Beach , California, U.S, Handout, San Diego, California, Lewiston , Maine, San Francisco, Los Angeles

[1/6] Cast member Matthew Perry attends the premiere of the film "17 Again" in Los Angeles April 14, 2009. "We are incredibly saddened by the too soon passing of Matthew Perry," NBC Entertainment said. The Los Angeles Times and TMZ.com, both citing unnamed law enforcement sources, reported that the American-Canadian performer was found dead in a hot tub or jacuzzi. As a youngster, Perry became a top-ranked junior tennis player before moving to Los Angeles to pursue acting and improvisational comedy. Reporting by Steve Gorman in Los Angeles; Additional reporting by Ismail Shakil in Ottawa; Editing by Raju GopalakrishnanOur Standards: The Thomson Reuters Trust Principles.

Persons: Matthew Perry, Phil McCarten, Chandler Bing, Perry, Perry's, Chandler, Jennifer Aniston, Courteney Cox, David Schwimmer, Matt LeBlanc, Lisa Kudrow, Monica Geller, Cox, Rachel, Joey, Ross, Matthew, Matty, I've, Sunshine, Ally McBeal, Pierre Trudeau, Trudeau's, Justin Trudeau, Trudeau, Steve Gorman, Ismail Shakil, Raju Gopalakrishnan Organizations: REUTERS, NBC, NBC Entertainment, Los Angeles Times, HBO Max, New York Times, Canadian, Thomson Locations: Los Angeles, Canadian, Palisades, Manhattan, U.S, Beverly Hills, Massachusetts, Ottawa

☆ 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 Awards Next CEO, Other Candidates Awards Valued at $20 Million
▼ + stars: | 2023-10-28 | by ( Denny Jacob | ) www.wsj.com time to read: 1 min

Morgan Stanley gave Ted Pick, Andy Saperstein and Dan Simkowitz awards valued at $20 million each. Photo: Jeenah Moon/Bloomberg NewsMorgan Stanley awarded stock-based awards to its next chief executive officer and other leaders who were in the running for the top job. The bank gave Ted Pick , who succeeds longtime CEO James Gorman , Andy Saperstein and Dan Simkowitz awards valued at $20 million each, according to a regulatory filing. Each award consists of 60% performance stock units, while the rest are restricted-stock units that vest and convert into shares in 2027.

Persons: Morgan Stanley, Ted Pick, Andy Saperstein, Dan Simkowitz, Bloomberg News Morgan Stanley, James Gorman Organizations: Bloomberg News

[1/3] A man identified as a suspect by police points what appears to be a semiautomatic rifle, in Lewiston, Maine, U.S., October 25, 2023. Card appeared to have died from a self-inflicted gunshot wound, Maine Public Safety Commissioner Mike Sauschuck told reporters at a late-night briefing. He did not say how long the suspect was thought to have been dead or what led authorities to locate his body. The shootings and prolonged manhunt terrorized the normally bustling but serene community of Lewiston, a former textile hub and the second-most populous city in Maine. Lisbon Falls, where Card was found dead, is the next town along the river.

Persons: Robert R, Mike Sauschuck, Sauschuck, Robert Card, Janet Mills, Gabriella Borter, Julia Harte, Jonathan Allen, Rich McKay, Daniel Trotta, Steve Gorman, Raju Gopalakrishnan Organizations: Facebook, REUTERS Acquire, Rights, U.S . Army, Maine Public, Army, Maine State Police, CNN, Thomson Locations: Lewiston , Maine, U.S, Androscoggin County, Rights LEWISTON , Maine, Lisbon Falls, Maine, Lewiston, Androscoggin, Portland, Bowdoin, Saco , Maine, Lisbon, New York, Atlanta, Carlsbad , California

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

Dimon and his family intend to sell 1 million of their 8.6 million shares, according to the filing. That is a tiny percentage of the shares outstanding in JPMorgan which has a market capitalization exceeding $409 billion, according to LSEG data. Dimon has no current plans to sell more stock, but could consider doing so in the future, the spokesman added. Shares of JPMorgan slid more than 3%, falling with peers Bank of America (BAC.N), Citigroup (C.N) and Wells Fargo (WFC.N). So far this year, JPMorgan shares have risen 1.4%, outperforming the S&P 500 Banks Index (.SPXBK), which has declined 18%.

Persons: JPMorgan Chase, Jamie Dimon, Dimon, Octavio Marenzi, Marenzi, they're, Schumer, Evelyn Hockstein, Wells, Brian Mulberry, Mulberry, Ben Silverman, Mike Mayo, James Gorman, Morgan Stanley, Peter Orszag, Dave Ellison, Hennessy, Scott Siefers, Piper Sandler, Siefers, Niket, Lananh Nguyen, Nupur Anand, Shilpi Majumdar, Shinjini Ganguli, Mike Harrison, Jonathan Oatis Organizations: JPMorgan, First Republic Bank, Forbes, U.S, Capitol, REUTERS, Bank of America, Citigroup, Zacks Investment Management, Wells, Wall Street, Lazard, Hennessy Funds, Banks, Thomson Locations: U.S, America, Washington , U.S, Wells Fargo, Bengaluru, Lananh, New York

LEWISTON, Maine, Oct 27 (Reuters) - The man suspected of killing 18 people and wounding 13 in a shooting rampage in Lewiston, Maine, was found dead of a likely self-inflicted gunshot wound on Friday, ending a 48-hour manhunt that followed the most lethal episode of gun violence in the state's history. "He is dead," Maine Governor Janet Mills told a news conference, thanking the hundreds of officers from various agencies involved in the search. Card died of an apparently self-inflicted gunshot wound, said Mike Sauschuck, Maine's Department of Public Safety commissioner. [1/6]Maine's Governor Janet Mills holds a news conference after Lewiston mass shooting suspect Robert Card was found dead, in Lewiston, Maine, U.S., October 27, 2023. Nine deaf people were playing in a weekly tournament at Schemengees, the sister of one of the victims told the Lewiston Sun Journal.

Persons: Robert R, Janet Mills, Robert Card, Mills, Card, Mike Sauschuck, Kevin Lamarque, Sauschuck, Joshua Seal, Noel Sullivan, Seal, Sullivan, Stephen Vozella, Bryan MacFarlane, Keri Brooks, Bill Young, Aaron, Bill's, Rob Young, Bob Violette, Lucille Violette, Cassandra Violette, Tricia Asselin, Joseph Walker, Leroy Walker, Joey, Gabriella Borter, Julia Harte, Rich McKay, Daniel Trotta, Steve Gorman, Mark Porter, Jonathan Oatis, David Gregorio, Leslie Adler, William Malard, Raju Gopalakrishnan Organizations: Maine's Department of Public, U.S . Army, Maine State Police, Army, Lewiston, REUTERS, Authorities, Lewiston Sun, Pine Tree Society, Sun Journal, New, Deaf Cornhole, Reuters, Thomson Locations: LEWISTON , Maine, Lewiston , Maine, Lisbon Falls, Maine, Lewiston, Androscoggin, Portland, Maine's, Augusta, Bowdoin, Saco , Maine, U.S, Lisbon, Schemengees, Pine, New York, Atlanta

☆ Morgan Stanley's incoming CEO Ted Pick: Our business strategy is sound, there will be no change
▼ + stars: | 2023-10-26 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailMorgan Stanley's incoming CEO Ted Pick: Our business strategy is sound, there will be no changeCNBC's Leslie Picker sits down with Morgan Stanley's Ted Pick and James Gorman to talk about the leadership change in the company. Pick will succeed Gorman as CEO on January 1.

Persons: Morgan, Ted Pick, Leslie Picker, Morgan Stanley's Ted Pick, James Gorman, Pick, Gorman

☆ Morgan Stanley just picked its new CEO. Here's our take on the succession news
▼ + stars: | 2023-10-26 | by ( Morgan Chittum | ) www.cnbc.com time to read: +5 min

Morgan Stanley (MS) has finally named a successor to longtime CEO James Gorman — removing a big question mark for investors like us. Morgan Stanley said it's still on track to add $1 trillion in net new assets every three years. MS YTD mountain Morgan Stanley (MS) year-to-date performance Gorman is ready to hand over the reins after navigating years of uncertainty at the helm of the bank. Morgan Stanley needs a battle-tested exec who can navigate a murky operating environment, and Gorman said Pick fits the bill. Morgan Stanley shares have dropped about 15% year to date.

Persons: Morgan Stanley, James Gorman —, Ted Pick, Gorman, Jan, Pick, Jim Cramer, it's, James, we're, Ted, Andy Saperstein, Dan Simkowitz, Jim Cramer's, Jim Organizations: CNBC, Silicon Valley Bank, Getty Locations: shuttering, U.S, Silicon

☆ CNBC Daily Open: Shiny Meta
▼ + stars: | 2023-10-26 | by ( Clement Tan | ) www.cnbc.com time to read: +3 min

(Photo by Spencer Platt/Getty Images)This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. But in its third-quarter earnings report, Meta revealed its Reality Labs unit, which develops metaverse-related technologies, recorded a $3.74 billion operating loss. IBM beatsIBM shares rose 1% in extended trading after the technology conglomerate announced third-quarter results that exceeded Wall Street estimates. New Morgan Stanley CEOMorgan Stanley said Ted Pick will succeed James Gorman as CEO at the start of 2024.

Persons: Stocks, Spencer Platt, Rosy Meta Meta, Meta, Mattel, Max, New Morgan Stanley, Morgan Stanley, Ted Pick, James Gorman Organizations: NEW, New York Stock Exchange, Labor Department, Getty, CNBC, Treasury, Nasdaq, Dow Jones, Rosy Meta, Facebook, Labs, IBM, Wall, Boeing, New Locations: New York City

☆ 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

☆ Morning Bid: ECB on hold, five's alive in the US
▼ + stars: | 2023-10-26 | by ( ) www.reuters.com time to read: +2 min

A view shows the European Central Bank (ECB) flag and the flag of the European Union in front of the ECB Building in Frankfurt, Germany, September 14, 2023. All 85 economists polled by Reuters last week expected the European Central Bank to stay on hold. Israel bombarded Hamas targets as it prepared for a ground invasion, with Russia warning the conflict could spread beyond the Middle East. Russia said it successfully tested its ability to deliver a massive retaliatory nuclear strike by land, sea and air. Reuters GraphicsKey developments that could influence markets on Thursday:Economics: European Central Bank meeting, U.S. GDPEarnings: Unilever, Mercedes, Standard Chartered and, after market close, AmazonReporting by Tom Westbrook.

Persons: Wolfgang Rattay, Tom Westbrook, Mike Johnson, Trump, Ted Pick, James Gorman, Morgan Stanley, Pick, Israel, Sam Holmes Organizations: European Central Bank, European Union, REUTERS, Reuters, Unilever, Mercedes, Treasury, Nasdaq, Republican, United Auto Workers, Ford, Standard Chartered, Amazon, Thomson Locations: Frankfurt, Germany, Asia, U.S, Louisiana, Ukraine, Russia, East

☆ 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

Reuters GraphicsThe bloodshed rocked the largely rural state of Maine in the northeastern corner of the U.S. bordering Canada. [1/6]Police close Lincoln Street leading to Schemengees Bar & Grille Restaurant after deadly mass shootings in Lewiston, Maine, U.S. October 26, 2023. The bar and the bowling alley are about four miles (6.5 km) apart. A bowling alley. The number of annual homicides in the state has fluctuated between 16 and 29 since 2012, according to Maine State Police.

Persons: Robert R, Mike Sauschuck, Sauschuck, Nicholas Pfosi, Kris Brown, Brady, Jason Levesque, Levesque, Joe Biden, Janet Mills, Senators Angus King, Susan Collins, Jared Golden, Daniel Trotta, Julia Harte, Steve Gorman, Trevor Hunnicutt, Phil Stewart, Raju Gopalakrishnan Organizations: Maine Public, Police, U.S . Army, National Guard, Maine, Analysis Center, Reuters, Associated Press, Lincoln Street, Schemengees, REUTERS, Rights Police, Auburn, U.S, Senators, Maine State Police, Thomson Locations: Maine, Lewiston, Lisbon, U.S, Canada, Lincoln, Lewiston , Maine, Androscoggin County, Maine's, Portland, Brady, Lewiston's, Androscoggin, Washington, Las Vegas, Carlsbad , California, New York, Los Angeles

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