James Gorman News
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Third Point LLC, the hedge-fund firm led by Daniel Loeb, exited its position in Morgan Stanley in the first quarter after the shares rallied.
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Michael Mayo, an analyst at CLSA Ltd., raised his share-price estimate on Morgan Stanley to $36 after Chief Executive Officer James Gorman said the firm may reach his profitability target next year.
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Morgan Stanley shareholders backed the bank’s executive-compensation package after the board cut Chief Executive Officer James Gorman’s pay by 7 percent and deferred bonuses for top managers.
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JPMorgan Chase & Co. and Bank of America Corp. had perfect trading records in the first quarter, making money every day of the period as Morgan Stanley posted losses in eight sessions and Goldman Sachs Group Inc. in two.
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Morgan Stanley has overhauled its trading infrastructure for U.S. equities to keep pace with a marketplace in which millionths of a second count.
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Bank of America Corp.’s traders posted gains every business day during the first quarter as Morgan Stanley’s lost money in eight sessions, double the rate a year earlier.
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Morgan Stanley is expanding the types of debt it buys as deposits increase with the purchase of its brokerage venture and interest rates remain near record lows.
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A Federal Reserve panel of bankers warned policy makers in February that record stimulus was pushing financial institutions to take on more credit risk and creating a “bubble” in the price of U.S. farmland.
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A group of bankers that advises the Federal Reserve’s Board of Governors has warned that farmland prices are inflating “a bubble” and growth in student-loan debt has “parallels to the housing crisis.”
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U.S. banks urged the Federal Reserve to take the lead in defending the financial services industry from cyber attacks by working with federal counterterrorism, intelligence and law enforcement agencies, documents show.
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