Morgan Stanley Smith Barney

  • This didn't help him with the whole keeping his job thing

    News

    The SEC, Like Everyone Else, Didn’t Believe Citi’s Financial Statements

    Every once in a while I almost write “I don’t envy big bank CEOs,” and then I consider my own finances and the mood passes. But it does seem hard, no? The job is basically that you run around all day looking at horrible messes – even in good times, there are some horrible messes […]

    / Feb 25, 2013 at 3:33 PM
  • Just hanging out here with some VaR

    Banks, News

    Morgan Stanley Now 23% Safer

    A value-at-risk model basically works like this. You have some stuff, which is worth X today. Tomorrow it will be worth X + Y, where Y ranges from more or less negative infinity to positive infinity. Y is a function of a bunch of correlated random variables, rates and credit and stock prices and general […]

    / Oct 18, 2012 at 1:15 PM
  • Excellent-ish

    Banks, News

    Citi Has An Excellent 88% Decrease In Profit

    I don’t have much insight into Citi’s earnings but I do enjoy the reporting of them. When a car or Facebook company reports earnings you basically ask questions like “how many cars or Facebooks did it sell?” and “how much money did it make on each one?” and those questions are kind of answerable and […]

    / Oct 15, 2012 at 2:10 PM
  • what the?

    Banks, News

    Morgan Stanley Doesn’t Want To Share Custody Of Smith Barney Any More

    Buried in a footnote1 a while back I ruminated on the fact that, in the deal where Morgan Stanley bought a chunk of its Morgan Stanley Smith Barney brokerage JV from Citigroup, Morgan Stanley got a sort-of-free option to buy the rest of Smith Barney, and how that option is (1) valuable and (2) sort […]

    / Sep 21, 2012 at 5:25 PM
  • Banks, News

    Morgan Stanley Heeding Frenemies’ Advice About Trading Less, Better

    Here’s an interesting set of slides that Morgan Stanley CFO Ruth Porat presented at the Barclays conference today. For some reason this one struck me: Morgan Stanley: basically a mutual fund! Half a mutual fund. Really barely at all an investment bank, which I guess is the way of the world for investment banks, but […]

    / Sep 11, 2012 at 4:21 PM
  • Vik gets his picture here over Gorman on strength of puzzled expression.

    Banks, News

    Let’s Break Up Whichever Bank Is More Wrong About What Morgan Stanley Smith Barney Is Worth

    There’s been sort of an impromptu referendum on whether the big US universal banks should be smashed into itty-bitty pieces, and how itty-bitty, and which ones should be smashed first, and for some reason the leading contenders seem to be Citi and Morgan Stanley. Those two seem uninterested in that free advice, though, since they’re […]

    / Jul 26, 2012 at 2:33 PM
  • Banks, M&A, News

    Morgan Stanley Will Soon Not Share Its Research Estimates With 14% More Retail Customers

    Morgan Stanley has announced that it will be buying 14% of its Morgan Stanley Smith Barney joint venture from Citi in a sort of glacially negotiated way. MS currently owns 51% of MSSB (plus $5.5bn of preferred interests), and Citi owns the other 49% (plus $2bn of preferred). You can read how they’re going to […]

    / May 31, 2012 at 12:26 PM
  • News

    Morgan Stanley Would Prefer Employee/Friend Of Brothel Owner Not Be Seen Around The Office For The Time Being

    Despite telling Morgan Stanley’s legal counsel that he and Anna Gristina/Scotland were merely “friends” as opposed to partners in a whorehouse that he was supposedly trying to help her line up financing for, broker David Walker, who has not been charged with anything, has been put on administrative leave “until the Manhattan district attorney’s office […]

    / Mar 8, 2012 at 11:49 AM

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