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Stories of Interest
- Barclays and Deutsche Bank to Lag U.S. Trading Peers
- NY AG Schneiderman Seeks to Close Loophole That Could Let Trump Pardons Block State Charges
- 'Fearless Girl' is Moving to NYSE After Year Staring Down 'Charging Bull'
- What's In Your Wallet - American Express Shares Soar After Earnings Release
- Deutsche Bank's Executive Departures Continue Following Change in CEO
- Reflections of an Economist Commissioner (SEC's Piwowar)
- Billionaire HF Manager and The Fed Chair Runner-Up are Investing in New Cryptocurrency
- Court Finds 2 Brokers Liable for Fraud Involving Mortgage-Backed Securities
- One FINRA: An Organization’s Commitment to Diversity and Inclusion
- 2018 GASB Accounting Support Fee to Fund the Governmental Accounting Standards Board
- Barclays Eyes Move Into Cryptocurrency Trading
- Goldman Breaks From Wall Street Pack with Bond-Trading Boom
- Janney Montgomery Scott CEO Joins FINRA Board of Governors
- SEC Encourages Investors to Do Background Checks on Investor.gov
- The Martin Act: Wall Street Titan Takes Aim at Law That Tripped Him Up
- Bank of America’s Cost-Cutting Drive Pushes Profit to Record
- Larry Fink: Wall Street’s $6 Trillion Man Finally Worth $1Bn
- Activist Investor Wants Barclays Investment Banking Overhaul (Video)
- House Passes Bill to Streamline 'Volcker Rule'
- CEO Charged with Penny Stock Fraud - SEC
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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.