Former Pru CEO and board veteran Jonathan Bloomer to become chair of Hiscox May 30, 2023 Jonathan Bloomer, the current chair of Morgan Stanley International and law firm DWF, will add the top boardroom chair at Hiscox to his portfolio next month. Hiscox, the Bermuda-headquartered insurance giant, announced Bloomer’s appointment as chair designate this morning. He will replace Robert Childs, who will retire over the summer. Bloomer was a partner at [...]
Morgan Stanley to cut another 3,000 jobs as banking layoffs continue May 2, 2023 Morgan Stanley is reportedly set to cut thousands of jobs before the midway point of the year, as the largest round of banking layoffs since the financial crisis looks set to continue. The bank is looking to lay off 3,000 staff, Bloomberg reported, representing about five per cent of the bank’s staff. They are expected [...]
CBI exodus: Which firms have quit or suspended their relationship with the lobby group? April 21, 2023 A slew of top firms have quit or suspended engagement with the CBI today after the lobby group was rocked by new allegations of sexual abuse.
Morgan Stanley boss talks down banking crisis as deal-making slump hits profits April 19, 2023 Morgan Stanley’s chief executive James Gorman told analysts “we are not in a banking crisis” as he discussed the bank’s first quarter earnings. Gorman dismissed concerns that the US banking sector could face a widespread banking crisis, saying conditions were very different to 2008 and that the largest US banks were now part of the [...]
Crisis, what crisis? Interest income boosts US banks as boon expected to continue April 16, 2023 The largest US banks appear in rude health despite concerns about the wider financial sector as higher interest rates continue to boost lenders. JP Morgan, Citi and Wells Fargo all beat expectations when they released results for the first quarter on Friday. In response, analysts at UBS wrote “crisis, what crisis? The banking industry flexes [...]
Deposits in focus as US banks line up to report amid banking volatility April 12, 2023 The largest banks on Wall Street will start reporting their first quarter earnings later this week with investors set to pay very close attention to banks’ deposits. So far this year, huge amounts of money have flowed into higher-yielding money market funds from bank deposits. This picked up in March after the collapse of Silicon [...]
Experts question whether Morgan Stanley’s $1m Whatsapp spot fines will work January 26, 2023 Morgan Stanley has hit some of its bankers with heavy fines for conducting official business on Whatsapp, the Financial Times reported today. But experts have questioned whether dishing out penalties to the bank’s staff really solves the problem of keeping bank’s internal communications in line with financial regulators’ expectations. Depending on the seriousness of the [...]
Morgan Stanley profits nearly halve as US bank earnings season ends without cooling recession fears January 17, 2023 Wall Street banking giant Morgan Stanley’s profits have nearly halved due to intense US recession fears and rising interest rates chilling deal making activity, the firm announced today. The lender has become the latest casualty of businesses and investors parking their money in safer places to ride out the worldwide economic slowdown. Morgan Stanley’s profits [...]
Wall Street banks shed staff as global slowdown bears its teeth December 7, 2022 Wall Street banks are laying off workers to offset the damage inflicted on their finances by a slowing global economy. US lender Morgan Stanley yesterday became the latest firm to announce redundancies, shedding two per cent, or around 1,600, of its workforce. Goldman Sachs earlier this year also slashed staff and its chief executive, David [...]
Morgan Stanley cuts two per cent of jobs in ‘modest’ cull – reports December 6, 2022 Morgan Stanley is set to cut about two per cent of staff according to CNBC sources. It comes after chief executive James Gorman said last week that the investment bank would need to make ‘modest’ job cuts as sluggish markets weigh on profits. “Some people are going to be let go,” Gorman said at the Reuters NEXT conference, [...]