All the latest Morgan Stanley news this Friday.
While Goldman Sachs President Gary Cohn talked about how many people still wanted to work for the firm, a Morgan Stanley banking executive in recent days told an analyst he was somewhat 'worried' about losing talent to smaller investment banks.
Mark Eichorn, Morgan Stanley’s co-head of investment banking, told Bernstein analyst Brad Hintz, that he was somewhat worried boutique investment banks are hurting his bank 'from a recruiting perspective' than he is about them stealing deals or clients, according to a note from Hintz this week.
Morgan Stanley has asked an Idaho court to prohibit three brokers it says generated over half the revenue at its Coeur d'Alene branch from contacting former colleagues about joining them at a Stifel Nicolaus & Co. office they have set up in the same city
The office's producing branch manager, Michael Armon, and two associates resigned from Morgan Stanley on May 9, causing 'upset, anxiety, insecurity, uneasiness and concern' at 'a relatively small office' that had only six advisers, according to a May 17 filing in U.S. District Court for the District of Idaho by the brokerage. The brokers who left oversaw about $229m of client assets and generated about $1.7m of revenue annually, the filing said.
On Wall Street, it’s not uncommon for children to follow their parents into finance. However, Caroline Gorman, the daughter of Morgan Stanley’s chief executive, James Gorman, appears headed down a much different path.
Gorman sent an e-mail on Wednesday promoting the music career of his daughter, whose band, Madness and the Film, released an EP, four songs on iTunes, over the weekend.
Sony Corp has tapped Morgan Stanley and Citigroup to help sound out options for its entertainment business, according to a media report.
Cable television network CNBC reported on Thursday that Sony has hired the two banks but that the process was still in an exploratory stage. CNBC cited an unnamed source.