Morgan Stanley, Rothschild On The Up, UBS Sued

Morgan Stanley might have had a tough third quarter, but the firm is still very much on the march on Europe.

Amelia Fawcett, a firm vice chairman in Europe, is reported to have said that Morgan Stanley is looking to achieve organic growth there and is planning to hire several hundred more staff. The firm's European operations are becoming increasingly important to the group. Last year, the European businesses generated 19% of the firm's $20.8bn global revenues.

And Rothschild continues to punch above its weight. The independent investment bank is currently in fourth place among European M&A advisers and an impressive ninth globally - ahead of the likes of CSFB, Citigroup, JP Morgan and Lehman in Europe and the mighty Deutsche Bank globally. Just how long the firm can endure in its present form remains to be seen. Stories are already starting to spread that a stock-market listing cannot forever be ruled out if Rothschild is to continue to thrive.

And finally, UBS faces a £70.3m lawsuit from a charitable pension fund, which claims that the firm took 'excessive risks' and generally mismanaged the fund. A spokesperson from UBS described the claim as 'opportunistic and misconceived' and confirmed that it would be 'vigorously' defended.

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