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☆ 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's James Gorman wanted to pull off a rare feat: a bloodless succession. Wall Street thinks the bank may have done it, but it's too soon to tell.
▼ + stars: | 2023-10-26 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +6 min

The executive leadership team is viewed as a well-oiled machine with Morgan Stanley thriving compared to its megabank peers. Leaving Morgan Stanley would require going outside their comfort zone. Employees from these executives' righthand men and rank-and-file Morgan Stanley staffers may not welcome these changes. "You would expect everyone's guard to be raised at Morgan Stanley to monitor employee reaction and manage at least the best performers." Do you work for Morgan Stanley?

Persons: Morgan Stanley's James Gorman, Ted Pick, Dan Simkowitz, Andy Saperstein, Gorman, Glenn Shorr, Glenn Schorr, It's, Mike Mayo, they've, Mayo, Morgan Stanley, Pick's anointment, Pick, fides, Morgan, America's Ebrahim Poonawala, Poonwala, Stephen Biggar, Simkowitz, Saperstein, Let's, Schorr, Hayley Cuccinello Organizations: America's, Mitsubishi, Financial Times, Management Locations: Wells Fargo, Saperstein, Mayo, Simkowitz, hcuccinello@insider.com

☆ 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

Wall Street’s real-life “Succession” has endedOne of Wall Street’s most closely watched succession races is over as Ted Pick prepares to become Morgan Stanley’s next chief executive. The path laid out by Gorman has made Morgan Stanley the envy of the financial world and helped it outpace its longtime rival, Goldman Sachs. Morgan Stanley’s board selected him over Andy Saperstein, who leads wealth management, and Dan Simkowitz, who oversees asset management. But Pick, a Morgan Stanley lifer who oversees investment banking and trading, is familiar with the most complex parts of the firm, making him in some ways the safest option. (Morgan Stanley is seeking to keep Saperstein and Simkowitz, making both co-presidents and giving them expanded portfolios.)

Persons: ”, Ted Pick, Morgan Stanley’s, James Gorman, Gorman, Morgan Stanley, Goldman Sachs, Pick, Andy Saperstein, Dan Simkowitz, Morgan Stanley lifer Organizations: HBO

☆ 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 Has Been a Top Performer Under James Gorman. Just Not Lately
▼ + stars: | 2023-10-26 | by ( ) www.wsj.com time to read: 1 min

James Gorman is leaving his job at Morgan Stanley near the top. But not quite at it. Since he took over as the bank's chief executive at the start of 2010, Gorman’s strategy to bet big on wealth and asset management has proved to be the right one in the market’s eyes. While none of the big banks have beaten the S&P 500 over that time, Morgan Stanley’s 8.7% annualized total return is still nearly three points better than its closest rival, Goldman Sachs, at 5.9%, according to FactSet data.

Persons: James Gorman, Morgan Stanley, Morgan Stanley’s, Goldman Sachs

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

[1/4] A man identified as a suspect by police points what appears to be a semiautomatic rifle, in Lewiston, Maine, U.S., October 25, 2023. Androscoggin County Sheriff’s Office via Facebook/Handout via REUTERS Acquire Licensing RightsOct 25 (Reuters) - At least 22 people were killed and 50 to 60 wounded on Wednesday in mass shootings at multiple locations including a bowling alley and a bar in Lewiston, Maine, NBC News reported, citing a Lewiston police source. "There is an active shooter in Lewiston," Maine state police said previously on the social media platform X. The Sun Journal, citing a Lewiston police spokesperson, reported shootings at three separate businesses: the Sparetime Recreation bowling alley, Schemengees Bar & Grille Restaurant, and a Walmart distribution center. The number of annual homicides in the state has fluctuated between 16 and 29 since 2012, according to Maine State Police.

Persons: Robert Card, Joe Biden, Janet Mills, Senators Angus King, Susan Collins, Jared Golden, Daniel Trotta, Julia Harte, Steve Gorman, Trevor Hunnicutt, Sandra Maler, Ross Colvin, Lincoln, Raju Gopalakrishnan Organizations: Facebook, REUTERS Acquire, NBC News, Lewiston Police Department, Police, Sun, Central Maine Medical Center, U.S, Senators, El Paso Walmart, AK, Maine State Police, Thomson Locations: Lewiston , Maine, U.S, Androscoggin County, Lewiston, Maine, Maine's, Portland . Lewiston, Augusta, Portland, Washington, United States, El Paso, Las Vegas

Ted Pick, who leads Morgan Stanley’s investment-banking and trading operations, will succeed James Gorman as chief executive. Photo Illustration: Morgan Stanley, Angus Mordant/Bloomberg NewsMorgan Stanley said Wednesday that it named Ted Pick as its next chief executive to succeed longtime CEO James Gorman , ushering in a new era for the Wall Street powerhouse. Pick, who leads Morgan Stanley ’s investment-banking and trading operations, was one of three finalists selected as possible successors for Gorman, who said in May that he would step down from the CEO role he has held since 2010.

Persons: Ted Pick, Morgan Stanley’s, James Gorman, Morgan Stanley, Angus Mordant, Bloomberg News Morgan Stanley, Morgan Stanley ’, Gorman Organizations: Bloomberg News, Wall Street

☆ Morgan Stanley has named Ted Pick as its next CEO, putting an end to the race to succeed James Gorman at the top of a Wall Street giant
▼ + stars: | 2023-10-25 | by ( Hayley Cuccinello | Erin Snodgrass | ) www.businessinsider.com time to read: +4 min

Morgan Stanley's hard-charging trading boss Ted Pick is set to succeed CEO James Gorman. AdvertisementAdvertisementFive months after Morgan Stanley's James Gorman announced he was stepping down, the pick is in. AdvertisementAdvertisementPick is credited with transforming Morgan Stanley's key equities and fixed-income businesses. Morgan Stanley has declined to comment aside from stating earlier this year that the bank was cooperating with regulators. At a bank that prizes loyalty perhaps more than any other, a trader who "bleeds Morgan Stanley blue" may be a welcome choice.

Persons: Morgan Stanley's, Ted Pick, James Gorman, Gorman, Andy Saperstein, Dan Simkowitz, —, Morgan Stanley's James Gorman, Edward, Ted, Pick, Tom Glocer, Morgan, He's, Morgan Stanley, Simkowitz, Saperstein, John Mack, Mack Organizations: Service, Investment, Harvard, Disney, McKinsey, Staten

☆ 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

☆ Morgan Stanley says Ted Pick will succeed James Gorman as CEO on Jan. 1
▼ + stars: | 2023-10-25 | by ( Hugh Son | ) www.cnbc.com time to read: +2 min

In this article MS Follow your favorite stocks CREATE FREE ACCOUNTJames Gorman, Morgan Stanley CEO, July 18, 2023. CNBCMorgan Stanley said Wednesday that Ted Pick will succeed James Gorman as CEO at the start of 2024. Pick led the bank's institutional securities group, which includes investment banking and trading activities, and was co-president of Morgan Stanley for the last two years. Pick, who graduated from Middlebury College and has a Harvard MBA, joined Morgan Stanley in 1990. He earned his reputation by whipping several businesses into shape during an uncertain time for Morgan Stanley.

Persons: James Gorman, Morgan Stanley, CNBC Morgan Stanley, Ted Pick, Gorman, Pick, Morgan Organizations: CNBC, New, Middlebury College, Harvard, Mitsubishi Locations: 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

☆ Canadian dollar hits 7-month low as BoC stays sidelined
▼ + stars: | 2023-10-25 | by ( Fergal Smith | ) www.reuters.com time to read: +2 min

A Canadian dollar coin, commonly known as the "Loonie", is pictured in this illustration picture taken in Toronto, January 23, 2015. The Canadian central bank held its key overnight rate at a 22-year high of 5.0%, as expected, for a second straight meeting. Wall Street fell after lackluster corporate results, while the U.S. dollar (.DXY) rallied against a basket of major currencies. Canadian government bond yields were higher across a steeper curve but the move for shorter-dated maturities was less than for the equivalent U.S. Treasury yields. The 2-year rose 2.9 basis points to 4.749%, while the 10-year was up 11.3 basis points at 4.131%.

Persons: Mark Blinch, Tom O'Gorman, we're, Michael Goshko, maturities, Fergal Smith, Sandra Maler Organizations: REUTERS, greenback, BoC, Canadian, U.S, Bank of, Franklin Templeton, Convera Canada, U.S ., Treasury, Thomson Locations: Toronto, TORONTO, Canadian, Franklin Templeton Canada, Wall

☆ 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

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

NEW YORK (AP) — Scholastic Inc. will end a widely criticized policy that made it easier for school book fairs not to sell works with racial, disability and LGBTQ+ themes. “This fall, we made changes in our U.S. elementary school fairs out of concern for our Book Fair hosts. In doing this, we offered a collection of books to supplement the diverse collection of titles already available at the Scholastic Book Fair. We understand now that the separate nature of the collection has caused confusion and feelings of exclusion,” according to a Scholastic statement issued Wednesday. The Share Every Story, Celebrate Every Voice collection will not be offered with our next season in January.

Persons: Amanda Gorman, ”, “ Organizations: Inc, ” Scholastic, Fair, Scholastic Locations: “

☆ Off-duty pilot accused of trying to disable jetliner faces first court hearing
▼ + stars: | 2023-10-24 | by ( ) www.reuters.com time to read: +3 min

An Alaska Airlines plane takes off from the airport in Calgary, Alberta, Canada July 10, 2023. Alaska Airlines (ALK.N) Flight 2059 was operated by Alaska Air Group's regional subsidiary Horizon Air, the carrier said. An FAA pilot database showed Emerson listed as a certified pilot who received a medical clearance last month. Aviators are expected to self-report any mental health conditions, two U.S. pilots told Reuters. The FAA told airlines in a separate notice on Monday the incident "is not connected in any way, shape or form to current world events" but said it is "always good practice to maintain vigilance."

Persons: Todd Korol, Joseph David Emerson, Emerson, Adam Silverthorne, David Shepardson, Allison Lampert, Steve Gorman, Chizu Nomiyama, Jonathan Oatis, Jamie Freed Organizations: Alaska Airlines, REUTERS, Federal Aviation Administration, FAA, Alaska Air Group's, Horizon Air, U.S, Reuters, Embraer, Aviators, The Air Line Pilots Association, NRI Flying Club, NRI, FBI, Thomson Locations: Alaska, Calgary , Alberta, Canada, Pacific Northwest, Portland , Oregon, Portland, Everett , Washington, San Francisco, Multnomah County, North America, California

☆ Cramer explains what geopolitical upheaval means for the stock market
▼ + stars: | 2023-10-23 | by ( Jeff Marks | ) www.cnbc.com time to read: +3 min

Every weekday the CNBC Investing Club with Jim Cramer holds a Morning Meeting livestream at 10:20 a.m. "There is a strong belief in this country that geopolitical events will crush the stock market," Jim Cramer said Monday. But the stock yields a 4.65% dividend, and management is buying back $1 billion to $1.5 billion in stock each quarter. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. THE ABOVE INVESTING CLUB INFORMATION IS SUBJECT TO OUR TERMS AND CONDITIONS AND PRIVACY POLICY , TOGETHER WITH OUR DISCLAIMER .

Persons: Jim Cramer, Morgan Stanley, Hess, James Gorman, Jim, Jim Cramer's Organizations: CNBC, Treasury, Revenues, Chevron, Federal Reserve, Apple, Hai Precision Industry Co Locations: China, Beijing

☆ Big banks are done reporting earnings. Here’s how our financial names performed against peers
▼ + stars: | 2023-10-22 | by ( Morgan Chittum | ) www.cnbc.com time to read: +7 min

Morgan Stanley vs. Goldman Sachs MS YTD mountain Morgan Stanely YTD Morgan Stanley reported better-than-expected third-quarter results on Wednesday. GS YTD mountain Goldman Sachs YTD As a point of comparison, outside our portfolio, Goldman Sachs on Tuesday also reported stronger-than-expected quarterly revenue and profits . Wells Fargo vs. JPMorgan WFC YTD mountain Wells Fargo (WFC) year-to-date performance On the money center side, Wells Fargo reported stellar quarterly results on Friday, Oct. 13, topping analysts' expectations for both earnings and revenues. Wells Fargo got a boost from better-than-expected net interest income and non-interest income, along with a decline in non-interest expenses. A combination file photo shows Wells Fargo, Citibank, Morgan Stanley, JPMorgan Chase, Bank of America and Goldman Sachs.

Persons: Morgan Stanley, Goldman Sachs, Jeff Marks, Wells Fargo, Wells, Morgan Stanley's, Morgan Stanely YTD Morgan Stanley, Marks, they've, James Gorman, Goldman, David Solomon, Mike Santomassimo, Jamie Dimon, Jim Cramer's, Jim Cramer, Jim, JPMorgan Organizations: JPMorgan, CNBC, Federal Reserve, Goldman, JPMorgan WFC, JPMorgan Chase, Citibank, Bank of America, Reuters Locations: Wells, Wells Fargo

☆ 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

Israeli Prime Minister Benjamin Netanyahu said the mother and daughter were abducted by Hamas while they were staying at Kibbutz Nahal Oz. Israelis are still reeling from the Hamas assault and from images of fellow citizens being bundled off to Gaza, which is ruled by Hamas. An attempt to rescue all those Hamas said were now held in different locations could jeopardise their lives. American and British officials said they have been working with Qatar to secure the release of hostages, including their citizens, held in Gaza. Israel has also said that there will be no end to its full blockade of the enclave unless Israeli hostages are freed.

Persons: Judith Tai Raanan, Natalie Shoshana Raanan, Israel, Benjamin Netanyahu, Natalie Raanan's, Ben Raanan, Judith Raanan's, Netanyahu, Joe Biden, Yonatan “ Yoni ” Netanyahu, Izz, Deen al, Abu Ubaida, Joe, Biden, Mia Schem, Gilad Shalit, Enas Alashray, Nidal, Michael Georgy, Steve Gorman, Grant McCool Organizations: Kibbutz, Denver Post, Gaza, Media, Hamas, Air, Qatar, Thomson Locations: GAZA, Chicago, Israel, Denver, Qatar, United States, Evanston, an Illinois, Gaza, Entebbe, Uganda, Air France, Palestinian, Thailand, Argentina, Germany, France, Portugal, Hamas, Cairo

San Francisco Police vehicle is parked on the street near the visa office of the Chinese consulate, where local media has reported a vehicle may have crashed into the building, in San Francisco, California, U.S. on October 9, 2023. San Francisco Police Chief William Scott said the deceased suspect, Zhanyuan Yang, 31, was a Chinese national. According to police, Yang plowed his Honda sedan into the lobby of the consulate visa office around 3 p.m. The only weapons recovered from the scene, police said, were the knife and crossbow, which somewhat resembled a rifle. Police said two security guards inside the consulate initially restrained Yang until police arrived minutes later.

Persons: Nathan Frandino, William Scott, Zhanyuan Yang, Scott, Yang, Steve Gorman, Lincoln Organizations: San Francisco Police, REUTERS, Rights, Honda, Police, Thomson Locations: San Francisco , California, U.S, Calif, San Francisco, Chinese, Oakland , California, Los Angeles

☆ Big banks are quietly cutting thousands of employees, and more layoffs are coming
▼ + stars: | 2023-10-19 | by ( Hugh Son | ) www.cnbc.com time to read: +6 min

Michael Nagle | Bloomberg | Getty ImagesThe largest American banks have been quietly laying off workers all year — and some of the deepest cuts are yet to come. The moves come after a two-year hiring boom during the pandemic, fueled by a surge in Wall Street activity. "Banks are cutting costs where they can because things are really uncertain next year," Chris Marinac, research director at Janney Montgomery Scott, said in a phone interview. In the coming weeks, the bank will terminate around 1% or 2% of its employees, according to a person with knowledge of the plans. The bank has cut about 2% of its workforce this year amid a protracted slowdown in investment banking activity.

Persons: Michael Nagle, JPMorgan Chase, Chris Marinac, Janney Montgomery Scott, you'll, Goldman Sachs, Charlie Scharf's, Mike Santomassimo, Goldman, Headcount, GreenSky, we've, Morgan Stanley, James Gorman, Mark Mason, Jane Fraser's, Mason, Jamie Dimon Organizations: New York Stock Exchange, Bloomberg, Getty, JPMorgan, Federal Reserve, headcount, Bank of America, Citigroup, First, Big Locations: New York, Wells, Wells Fargo, York, First Republic

☆ Oscar-nominated 'Rocky' actor Burt Young dead at 83
▼ + stars: | 2023-10-19 | by ( Steve Gorman | ) www.reuters.com time to read: +2 min

[1/2] Cast member Burt Young waves at the world premiere of 'Rocky Balboa' at the Chinese theater in Hollywood, California December 13, 2006. REUTERS/Mario Anzuoni/File Photo Acquire Licensing RightsLOS ANGELES, Oct 18 (Reuters) - Veteran character actor Burt Young, best known and Oscar nominated for his role as the brother-in-law and meat-cutting friend to Sylvester Stallone's prize-fighting protagonist in the "Rocky" films has died at age 83, his manager said on Wednesday. The role of Paulie, who was also the brother of Rocky's painfully shy love interest and soon-to-be wife, Adrian (she marries Balboa in "Rocky II"), earned Young an Academy Award nomination for best supporting actor. Young reprised the Paulie role in all six of the original "Rocky" sequels. In later years, Young made a name as painter, whose works were displayed in galleries around the world.

Persons: Burt Young, Rocky Balboa, Mario Anzuoni, Oscar, Sylvester Stallone's, Anne Morea Steingieser, Lynda Bensky, Gerald Tommaso DeLouise, Lee, Paulie Pennino, Paulie, Rocky's, Adrian, Balboa, Young, Pope, Steve Gorman Organizations: REUTERS, New York Times, Reuters, U.S . Marine Corps, Lee Strasberg's, Young, Greenwich, Rockford, Los Angeles Our, Thomson Locations: Hollywood , California, Los Angeles, New York City's Queens, Philadelphia, America

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