Monday, 23rd November 2009

 

23 July 2009 - Press Briefing

Morgan Stanley wealth unit posts $71m loss for second quarter

Morgan Stanley’s Global Wealth Management division posted a $71m (€49.9m) loss for the second quarter, primarily due to $245m in integration costs related to its tie-up with Smith Barney, according to a report in The Wall Street Journal.

Excluding those expenses, the GWM group's pretax profit was $174m, compared to $272m a year earlier and $119m in the January-March period. The unit suffered redemptions worth $2bn during the period, as compared to $3bn in net inflows for the first quarter. Client assets soared from $525bn at the end of March to $1.4 trillion, underscoring the massive boost offered by legacy Smith Barney, the WSJ report said.

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Brummel

Relocation, relocation, relocation

Banks have never been shy of firing staff at the merest whiff of a downturn. First the fat, then the muscle and finally the bone. In the past, cuts have been so deep that firms have found it hard to benefit when the markets rebounded, paying over the odds to restaff at speed. Such wild oscillations in staffing numbers are known as “doing a Merrill”.

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