Hints and tips:
...The Swiss lender trades at about 1.2 times tangible book value, compared with about two times for Morgan Stanley; both banks have large wealth management operations....
...Altice announced it November it had agreed to sell a majority stake in its French data centre unit to Morgan Stanley, and has also been looking to dispose of online video advertising company Teads....
...Citigroup cut 5,000 jobs, Morgan Stanley shed 4,800, Bank of America 4,000, Goldman Sachs 3,200 and JPMorgan Chase 1,000. Collectively, the big Wall Street banks cut at least 30,000 staff in 2023....
...“I think it’s clear that [regulators] did not follow due process in the quantitative impact study and feasibility studies and so on,” said Kelleher, who was previously an executive at Morgan Stanley before...
...By Wednesday, the bank had hired Morgan Stanley as it sought to raise up to £600mn to bolster its balance sheet....
...Morgan Stanley had already moved to end its business with Odey. JPMorgan is reviewing its relationship, which includes custody and prime broking....
...The decision to bring in Morgan Stanley veterans Kelleher as chair and Naureen Hassan as head of the Americas business was no coincidence....
...Last year JPMorgan chief executive Jamie Dimon was paid $36mn, Goldman Sachs chief executive David Solomon was paid $31mn and outgoing Morgan Stanley chief executive James Gorman received $37mn....
...The US has eight G-SIBs: JPMorgan, Citigroup, Bank of America, Goldman Sachs, Morgan Stanley, Bank of New York Mellon, State Street and Wells Fargo....
...Last week, Wall Street heavyweights Goldman Sachs, JPMorgan Chase and Morgan Stanley all disclosed pay rises for their chief executives....
...Morgan Stanley’s recently departed CEO James Gorman said last year that employees “don’t get to choose their compensation, they don’t get to choose their promotion, they don’t get to choose to stay home...
...Mentioned in this podcast: Donald Trump has $4.6bn stake in social media group after market debut Visa and Mastercard agree $30bn settlement over US transaction fees Can UBS become Europe’s Morgan Stanley...
...Kelleher, a veteran of Morgan Stanley, will be watching if UBS can compete with his former bank and the industry leader in wealth management....
...“Morgan Stanley was a bloodless coup — I would love to get to the stage in future where UBS could run the same playbook . . . with a number of credible candidates,” he said....
...He said he would like to replicate the process at his former employer Morgan Stanley, which earlier this year had at least three internal contenders to succeed outgoing chief executive James Gorman....
...On Wednesday, the Financial Times reported that the bank had hired Morgan Stanley as it sought to raise up to £600mn to shore up its balance sheet....
...Dimon’s rival at Morgan Stanley, James Gorman, announced this week that he would step down as CEO at the end of the year....
...Owen Walker is the FT’s European banking correspondent Follow @FTMag on Twitter to find out about our latest stories first...
...While Switzerland-listed UBS trades at just over one times its book value, Morgan Stanley — where Kelleher spent most of his career — trades at twice that....
...UBS’s price to tangible book value — a metric of the premium placed on the group by investors — of 1 is just under half that of Morgan Stanley....
...Odey AM’s other brokers Morgan Stanley, Goldman Sachs and Exane all began to cut ties with the firm last week, while JPMorgan — which also offered custody services — served notice on the business this week...
...Even the supposed well-run experts at Morgan Stanley and UBS, they all took big losses by essentially giving this man the ability to make incredibly leveraged bets on very few stocks, hoping to win big but...
...The revelations have prompted the FCA to broaden an existing investigation into the firm, and have led major banks including JPMorgan Chase and Morgan Stanley, and most recently UBS, to cut ties with the...
...By the time work began on the development, a host of international banks including Morgan Stanley had signed up — and Canary Wharf would no longer be a base for administrative back-office jobs but a beacon...
...Citigroup’s investment in refitting 25 Canada Square was seen as an endorsement of the area, as was Morgan Stanley’s decision to commit to its office after it scouted around for alternative potential bases...
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