Keyword: morganstanley
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Citigroup CEO Jane Fraser got a 6% pay bump for her performance in 2023, a year the bank's profits dropped 38% and Fraser began a dramatic restructuring that will result in an estimated 20,000 job cuts. The board awarded her total compensation of $26 million, ... The $26 million for Fraser was the lowest among CEO rivals at JPMorgan Chase, Bank of America, Wells Fargo, Goldman Sachs, and Morgan Stanley, who received between $29 million and $37 million. Bank of America's Brian Moynihan was the only CEO among this group to experience a compensation decline. ... Fraser had a lot...
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A criminal IRS investigation into Hunter Biden — President Biden’s son — appears to have convened a grand jury as far back as May 2019, a confidential subpoena served to JPMorgan Chase bank reveals. The subpoena also seeks bank records of James Biden, the president’s brother, which appears to be the first time another Biden family member has surfaced in connection with the investigation. The document, obtained by Breitbart News, specifically demands information on related transactions between JPMorgan Chase Bank, which the document calls “correspondent bank,” and the Bank of China, which the document calls the “originating or beneficiary bank.”...
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The current rally in stocks doesn't mean a new bull market has taken off, as the bear market could easily be re-awakened if the Fed pauses rate hikes, according to Morgan Stanley's chief investment officer Mike Wilson.In a note on Monday, Wilson reiterated his bearish view on stocks, despite the S&P 500's strong performance this year. The benchmark index is now up 20% from its low in October and officially entered a bull market last week – a sign that investors are growing more enthusiastic on stocks as inflation eases and markets dial back their expectations for Fed interest rate...
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Fintech startup Brex received billions of dollars in deposits from Silicon Valley Bank customers on Thursday, CNBC has learned. Other companies including JPMorgan Chase, Morgan Stanley and First Republic have also seen heightened inflows Thursday, as SVB’s stock tanked amid VC-fueled concerns of a bank run. The exodus of deposits put increased pressure on SVB, which attempted to raise equity funding earlier this week and had turned to a potential sale, CNBC reported. Regulators shut down the bank on Friday. Fintech startup Brex received billions of dollars in deposits from Silicon Valley Bank customers on Thursday, CNBC has learned. The...
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Wall Street strategists are warning that U.S. stocks are on the brink of a major collapse after the market has entered the “death zone.” “Death zone” is a term used in mountain climbing to describe an altitude that is so high that climbers are unable to get enough oxygen. This week, the Chief U.S. Equity Strategist at Morgan Stanley, Michael Wilson, sent a note to investors relating the state of the market to the “death zone” and warning that the S&P 500, which is up 6 percent since the start of 2023, could fall as many as 3,000 points in...
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The head of Morgan Stanley (MS) - Get Free Report has been heaping some very heavy praise on Elon Musk -- at the Reuters Next forum in New York on Dec. 1, chief executive James Gorman called the Tesla (TSLA) - Get Free Report founder who recently acquired Twitter (TWTR) - Get Free Report for $44 billion "an extraordinary executive." "Who would not want to do business with a person who has that kind of capability?" Gorman said as first reported by Bloomberg, referring to Musk's leadership of Tesla and SpaceX. "Shame on an institution who'd walk away from that."...
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A coalition of 19 state attorneys general from across the country launched a formal investigation into six major U.S. banks last week citing legal concerns about banks’ “ESG” investing and their involvement with a United Nations alliance fighting CO2 emissions.The banks “appear to be colluding with the U.N. to destroy American companies” and undermine the nation’s best interests, one of the AGs warned in a statement e-mailed to The Epoch Times.Another AG argued that these U.N.-inspired banking policies were resulting in jobs being sent to communist China as the regime there continues building coal-fired power plants to ensure low-cost, reliable...
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Morgan Stanley will bar employees and clients who have not been fully vaccinated against COVID-19 from entering the bank’s New York offices, according to an internal memo.“Starting July 12 all employees, contingent workforce, clients and visitors will be required to attest to being fully vaccinated to access Morgan Stanley buildings in New York City and Westchester,” chief human resources officer Mandell Crawley said in the memo, which was obtained by the Financial Times.After July 12, those who don’t attest to being fully vaccinated will lose building access, the memo said. Those who are not fully vaccinated would continue to work...
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The average energy investor is by now well aware of the sector's monumental shift from fossil fuels to renewable energy. Coal-powered power plants have been shuttering at an alarming clip as the price of electricity from natural gas and renewables undercuts them while wind and solar generation continue to gain the ascendancy. But nowhere has this change been as dramatic as the transport industry, with EV titans such as Tesla Inc. (NASDAQ:TSLA) and NIO Ltd. (NYSE:NIO) now commanding substantially higher valuations than their imposing ICE brethren, General Motors (NYSE:GM) and Ford Motors (NYSE:F). Indeed, the global EV sector now carries...
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Tesla's momentum and back-to-back record highs have divided some of the world's most famous investors. Billionaire venture capitalist Chamath Palihapitiya praised the stock's gains in a Thursday appearance on CNBC, telling investors the stock could be worth three times its already lofty valuation. "Don't sell a share," he added. Hedge fund manager Michael Burry - whose bet against the housing market was depicted in the novel and 2015 film "The Big Short" - aired his contrasting opinion Thursday night. The investor tweeted that, like his famous 2008 gambit, his short position in Tesla stands to print huge gains. "Well, my...
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The biggest debate about 2021 probably isn’t where the market is going. It’s how it gets there.We, and many others, are optimistic on the next 12 months. But there’s less agreement among investors on how these gains will be achieved. With our economists still in the 'V-shaped recovery' camp, we think returns will be powered by strong economic growth, driving an early-cycle, post-recession pattern of returns. Buy what you’re usually supposed to buy following a recession.Others disagree. They think our forecasts for economic growth are too optimistic and expect COVID-19 to take longer to dissipate, with a more serious, longer-lasting...
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At a time when the US just reported record numbers of new cases, some traders - and the general population - are starting to ask if the US economy faces a new round of lockdowns, especially under a Joe Biden administration (who frequently likes to remind his fans "listens to the scientists" which supposedly also includes such "experts" as Minneapolis Fed president who has been demanding a 6-week hard lockdown of the economy). As BofA summarizes, US cases have now eclipsed the July peak as with the 7-day average of new daily cases topping 68k for the first time....
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Increased foreign investment into Chinese markets could boost the usage of the yuan, pushing it to become the third largest reserve currency in the world — behind only the U.S. dollar and the euro, Morgan Stanley analysts predicted in a report distributed Friday. The forecast comes as the Chinese government has been trying for years to promote the international use of the yuan, also known as the renminbi (RMB). Right now, the yuan accounts for about 2% of global foreign exchange reserve assets, the report pointed out. But it could rise to between 5% and 10% by 2030, surpassing the...
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Warren Buffett has given up his long-held conviction against buying gold — and he’s meanwhile getting out of Goldman Sachs. The totemic tycoon revealed in filings late last week that he has scooped up more than 20 million shares of mining giant Barrick Gold Corp. even as he unloaded nearly all of his nearly 2 million shares in Goldman Sachs. The 89-year-old investing icon’s sudden embrace of the precious yellow metal — which has has previously derided as “useless,” saying that “anyone watching from Mars would be scratching their head” at the idea of investing in it — took many...
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Twenty-six years ago, Morgan Stanley hired Marilyn Booker as their first diversity director, charged with overseeing corporate efforts from the firm’s New York City headquarters, a 685-foot, glass, Times Square skyscraper. Ten years ago, Booker left that post to work in their financial wealth management division. Seven months ago, Booker was fired.But that was before video aired of George Floyd’s death, and spreading, national protests escalated into riots, violence, church burning, monument defacing, and occupations. How quickly things change. Now Booker is leading a group of black women in suing the company that employed her for a quarter-century, charging that...
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Her dismissal was part of a companywide cost-cutting effort that resulted in about 2% of employees being laid off in December, according to a person with knowledge of the situation..."It is clear that once the curtain is pulled aside and the deftly-crafted public messages are scrutinized, the truth is that Morgan Stanley has, and has had, no interest whatsoever in disrupting the status quo that has kept power and control of the Firm in the hands of White men," the suit alleges.
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Adam Jonas covers the auto industry for Morgan Stanley. Barron's spoke with Jonas recently about how the car industry can survive the shutdown, and how it might be left changed. His edited comments follow... We don't think the [car makers] are going to fail the way some did back in 2008 and 2009. But the industry is going to need support. We expect a cash for clunkers program to be much larger in scope and longer in duration than what we saw. In 2008 and 2009, we saw a $3 billion package that stimulated about $14 billion of purchases... These...
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Key Points Morgan Stanley will acquire brokerage firm E-Trade for $13 billion, the companies announced. The investment bank will pay $58.74 a share in stock for E-Trade in a deal bringing together $3.1 trillion in client assets. The deal, expected to close in the fourth quarter, follows last year’s $26 billion all-stock purchase of TD Ameritrade by Charles Schwab. ================================================================== Wall Street investment bank Morgan Stanley will acquire E-Trade for $13 billion, the companies announced Thursday, the latest in a consolidation wave for the brokerage industry that collectively lowered trading commissions to zero last year. Morgan Stanley will pay $58.74...
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--SNIP--Joe Biden monetized his vice presidential powers, says author Peter Schweizer. “It’s pretty clear that the for-sale sign was open, and that a lot of foreign powers — including foreign governments — gave money to his son, Hunter Biden. "That demands investigation. Financial records from Morgan Stanley [are] very, very clear. It shows line after line after line of money going into an account that is marked ‘Robert H. Biden,’ (Hunter Biden’s legal name), and it shows huge sums of money coming in from Ukrainians, Chinese, Kazakhs, and anonymous LLCs. It’s all there in black and white.” Hunter Biden sat...
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For years, one of the primary factors lifting the U.S. stock market has been the fact that some of the economy’s biggest, fastest-growing names just kept rising. The strength of growth stocks, in particular some large technology and internet plays, has been a boon for momentum investors, who bet that recent outperformers will continue to do better than the overall market over the medium term. This trade has been one of the easiest ways for investors to make money, but analysts are increasingly concerned that its era may be drawing to a close. Morgan Stanley called for “a breakdown in...
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