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- Deutsche Bank Reports Q2 Profit Surge, But Revenue Shortfall
- Deutsche Bank Warns on Outlook as Cryan's Turnaround Slows
- Jeff Bezos Surpasses Bill Gates as World's Richest Person
- Piper Jaffray Posts 2Q Profit
- Raymond James Beats Q3 Earnings on Improved Revenues
- Libor Funeral Set for 2021 - Now to Find a Rreplacement
- Halliburton Paying $29.2 Million to Settle FCPA Violations
- SEC Charges Two Las Vegas-Based Individuals and Their Company in "Prime Bank" Fraud
- Cohn and Yellen are Contenders to Lead the Fed - Trump
- The Boss Wants You Back in the Office
- Bond Trader Barred by FINRA Wins Arbitration for Unpaid Wages - Bill Singer
- How Does this Square with Trump? Putin Puts North Korea Ties Before Missile Threat
- Venture Funds Reach Dot-Com Era Levels (subsc reqd)
- Libor and London Whale Cases Show Hurdles With Foreign Defendants
- Silence Equals Complicity in Workplace Sexism
- Strange Case of Martin Shkreli Is Wrapping Up
- Citi Private Bank Promotes David Bailin to Global Head of Investments
- Billionaire Dan Loeb Bets Big on BlackRock, World's Largest Asset Manager
- Steve Cohen Planning to Launch $20Bn Hedge Fund
- ‘A Bleak Picture’ for Women Trying to Rise at Law Firms
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NEWSLETTERS & ALERTS
No More ‘Chinese Walls’? Morgan Stanley Puts Brokers Alongside Bankers
Reuters reports that Morgan Stanley is creating a new private wealth management flagship office at its Times Square headquarters in New York. To do so the firm is moving 90 of its financial advisers from its 522 Fifth Avenue location to Times Square. Some top wealth executives, including Vince Lumia, will also make the move to Times Square. Until now, Morgan Stanley's Times Square location has housed its institutional business which includes banking, trading and research.
Morgan hopes to generate more business between its investment bank and wealth management units by encouraging more interaction.
- e.g., an investment banker might introduce an executive whose company is about to go public to an adviser to manage his wealth;
- e.g., an adviser might introduce a corporate client to an M&A banker to get advice on a transaction.
The plan is the brainchild of Morgan Stanley's "strategic client management" unit, which is now run by Mr. Lumia, who also heads up the private wealth management group.