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Mar 30, 2015

Morgan Stanley to sell natural gas business scrutinized by Fed

NEW YORK, March 30 (Reuters) – Morgan Stanley has
agreed to sell a compressed natural gas business that came under
regulatory scrutiny shortly after its launch last year,
according to a document obtained by Reuters and three people
familiar with the matter.

The bank will transfer the gas business, Wentworth, to a
newly formed company called Pentagon Energy LLC. Two Morgan
Stanley managers who were involved with Wentworth, Alberto
Chiesara and Ryan Comerford, are leaving to join the new company
as principals, according to those sources.

Mar 26, 2015

Exclusive: Headhunter contacts Morgan Stanley’s Fleming about CEO job at BNY Mellon

NEW YORK/BOSTON (Reuters) – At the prompting of at least one director of Bank of New York Mellon Corp, an executive recruiting firm has come up with a list of potential candidates to replace embattled CEO Gerald Hassell, two people familiar with the matter told Reuters.

    At least one of the candidates, Gregory Fleming, who runs wealth and investment management at Morgan Stanley, has been contacted by the recruiting firm Spencer Stuart to gauge his interest in the job at the world’s largest custody bank, according to the two individuals and two additional sources.

Mar 26, 2015

Headhunter contacts Morgan Stanley’s Fleming about CEO job at BNY Mellon

NEW YORK/BOSTON, March 26 (Reuters) – At the prompting of at
least one director of Bank of New York Mellon Corp, an
executive recruiting firm has come up with a list of potential
candidates to replace embattled CEO Gerald Hassell, two people
familiar with the matter told Reuters.

At least one of the candidates, Gregory Fleming, who runs
wealth and investment management at Morgan Stanley, has
been contacted by the recruiting firm Spencer Stuart to gauge
his interest in the job at the world’s largest custody bank,
according to the two individuals and two additional sources.

Mar 24, 2015

Morgan Stanley nurtures new brood of bankers in CEO succession plan

NEW YORK (Reuters) – Morgan Stanley bid adieu to another senior executive who was thought to be on a list of potential successors to Chief Executive Officer James Gorman, but a new generation of CEO candidates is rising inside the bank.

On Tuesday, Morgan Stanley announced that Chief Financial Officer Ruth Porat, 57, would be leaving at the end of April to head back to Silicon Valley where she has professional and personal roots, to become CFO of Google Inc.

Mar 24, 2015

Google poaches Morgan Stanley’s CFO

By Alexei Oreskovic and Lauren Tara LaCapra

(Reuters) – Google Inc said it hired Ruth Porat, chief financial officer at Morgan Stanley, as its own finance chief, a move signaling that the search engine company may be looking to bear down on fast growing expenses.

Google’s costs have jumped as the company embarked on an increasing number of ambitious projects including self-driving cars and internet-connected eyeglasses. Last year, the company’s revenue grew 19 percent, while total expenses rose 23.4 percent, a trend that alarmed some analysts.

Mar 18, 2015

Citigroup sues ex-Goldman partners’ firm over Swiss franc losses

NEW YORK (Reuters) – Citigroup Inc has sued a
Connecticut firm founded by two former Goldman Sachs partners
for $25 million over losses incurred during the unexpected surge
in the Swiss franc in January.

The lawsuit, filed in Manhattan federal court on Friday,
accused Tormar Associates LLC of breach of contract for failing
to pay the amount of collateral it allegedly owed following a
significant loss betting the wrong way on the Swiss franc.

Mar 2, 2015

Morgan Stanley in settlement talks with NY attorney general-source

NEW YORK, March 2 (Reuters) – Morgan Stanley is in
discussions with New York’s attorney general to settle
accusations that the Wall Street bank mishandled subprime
mortgage deals before the 2008 financial crisis, a person
familiar with the matter said on Monday.

Any settlement would be separate from a $2.6 billion
agreement Morgan Stanley reached last month with the U.S.
Department of Justice and the U.S. Attorney’s Office for the
Northern District of California, said the person, who was not
authorized to speak publicly about the matter.

Mar 2, 2015

Morgan Stanley says New York Attorney General may file lawsuit

NEW YORK (Reuters) – Morgan Stanley said on Monday that the
New York Attorney General’s office indicated it would file a
lawsuit accusing the Wall Street bank of misrepresenting or
omitting material information in about 30 subprime
securitizations.

The accusations pertain to Morgan Stanley’s due diligence,
underwriting and valuation of loans in the securitizations, as
well as the properties securing them, Morgan Stanley said. The
attorney general indicated the potential lawsuit would be
brought under the Martin Act, the bank added.

Feb 26, 2015

Newsmaker: RBS turns to an architect of “light touch” regulation

LONDON/NEW YORK (Reuters) – The man synonymous with the “light-touch” regulation which allowed Royal Bank of Scotland (RBS.L: Quote, Profile, Research) to spiral out of control before its 45.5 billion pound ($71 billion) government rescue looks set to guide it back to private hands.

Howard Davies, who set up the discredited and now defunct Financial Services Authority (FSA), has been handed the job of chairing RBS through a critical period in which it is restructuring and cleaning up issues of past misconduct ahead of a possible sale of the government’s shares.

Feb 26, 2015

RBS turns to an architect of ‘light touch’ regulation

LONDON/NEW YORK (Reuters) – The man synonymous with the “light-touch” regulation which allowed Royal Bank of Scotland to spiral out of control before its 45.5 billion pound ($71 billion) government rescue looks set to guide it back to private hands.

Howard Davies, who set up the discredited and now defunct Financial Services Authority (FSA), has been handed the job of chairing RBS through a critical period in which it is restructuring and cleaning up issues of past misconduct ahead of a possible sale of the government’s shares.