Greg Fleming News
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Morgan Stanley and Bank of America Corp.’s bets on the brokerage business are finally paying off, helped by U.S. stock indexes near all-time highs. The firms’ own shares aren’t getting the same benefit.
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Morgan Stanley fell to a three- month low in New York after the firm reported the biggest drop in trading revenue among the largest U.S. banks.
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Morgan Stanley gave Colm Kelleher and Greg Fleming, the leaders of its two businesses, compensation packages of $8.6 million each for 2012, a decline of 7 percent from a year earlier.
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Morgan Stanley, owner of the world’s largest brokerage, hired CNBC’s Gary Kaminsky as a vice chairman in wealth management.
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Morgan Stanley Smith Barney, the world’s largest brokerage, will operate with a “mid-teens” pretax margin by the first half of 2013 “irrespective of the market,” according to Greg Fleming, president of the business.
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Morgan Stanley, the biggest financial brokerage, will spend $500 million to improve computer systems after flaws in a previous upgrade frustrated the staff.
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Morgan Stanley Smith Barney President Greg Fleming, seeking to avert broker defections, met with financial advisers in the U.S. to discuss disruptions caused by a new technology and operations system.
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James Gorman strides across the stage of the auditorium on the top floor of Morgan Stanley’s Times Square headquarters. It’s late October, and he’s in the midst of the second investor revolt he’s been through in three years -- the first one coming during the financial upheaval of 2008.
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Morgan Stanley’s wealth-management business can reach profitability targets solely through cost cuts, meaning revenue improvements may provide a further boost, said Greg Fleming, president of the unit.
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Morgan Stanley Smith Barney, the world’s largest brokerage, plans to adjust its compensation structure to boost profitability, according to a person familiar with the discussions.
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