Morgan Stanley seeks approval to widen buyback program

Morgan Stanley plans to seek the U.S. Federal Reserve approval to widen the $500m share buyback program cleared earlier this year, the Wall Street Journal reported, citing people familiar with the matter.

Reuters reports that better profits and completion of its purchase of the brokerage business of Citigroup have helped Morgan Stanley bolster its case to push for a larger buyback program next year, a move aimed at boosting its return on equity, the paper said.

Morgan Stanley has not yet decided on what it will ask for in 2014 or if the figure will exceed the existing share repurchase program, according to the paper. 

By the end of September, Morgan Stanley had spent $123m of the $500m it was authorized to buy back. This existing plan ends in March, the report said.

To access the complete Reuters article hit the link below

Morgan Stanley to seek Fed approval for more share buyback:

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