Morgan Stanley agreed to sell a unit that stores, trades and transports oil products to a subsidiary of Russia’s OAO Rosneft as the investment bank backs away from owning some physical commodities businesses.
Morgan Stanley appointed Nancy King as head of its oil-liquids operations and made several senior appointments after the bank agreed to sell its global oil merchanting business to an OAO Rosneft subsidiary.
Morgan Stanley fell in New York trading after reporting a 50 percent drop in earnings on the biggest decline in trading revenue among Wall Street firms. The company said it will cut headcount by 4,000 this year.
Morgan Stanley rose the most in more than two years in New York trading after reporting a second- quarter loss that was smaller than analysts estimated and the only gain in trading revenue among major U.S. banks.