The U.S. Commodity Futures Trading Commission (CFTC) has issued an Order filing and settling charges that Morgan Stanley Smith Barney violated CFTC regulation 166.3 by failing to diligently supervise its employees’ handling of customer accounts.
Morgan Stanley has officially laid to rest Smith Barney, the 75-year-old iconic Wall Street brokerage brand.
And now for some good news.
Morgan Stanley CEO James Gorman is making a full-court press with regulators to expedite the purchase of the remaining piece of the Smith Barney brokerage firm from Citigroup, moving up the buyout date as much as two years ahead of schedule, the FOX Business Network has learned.
Citigroup’s $4.7bn pretax writedown of its Morgan Stanley Smith Barney stake probably won’t reduce a profit-sharing plan’s award for CEO Vikram Pandit that could total $24m.
A former risk officer at Morgan Stanley Smith Barney claims he was fired for blowing the whistle on a variety of infractions by the firm's registered representatives, including the churning of preferred securities by a star broker the firm recruited last year from rival Bank of America Merrill Lynch.
Morgan Stanley and Citigroup executives held unsuccessful talks since August in a final push to settle a dispute over the value of their jointly owned brokerage, people with direct knowledge of the matter said.
You couldn't make it up.
Ever been suckered into a new job because the representations made during the recruitment process turned out to be false ? Well, this firm has been ordered to pay $5m after an arbitration panel found that it made fraudulent misrepresentations and committed breach of contract.
Here are three interesting stories currently doing the rounds.