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Morgan Stanley's (Maybe) CEO Heir Apparent Wants To Be Clear That The World Is Out To Get You

Wall Street would be wise to start budgeting in for generalized xenophobia, says Greg Fleming

Morgan Stanley's purported CEO-in-waiting, brokerage head honcho Greg Fleming, was up on stage at SALT yesterday talking about some scary stuff.

Speaking at the SALT Conference in Las Vegas, Gregory Fleming told event attendees that "you need to invest more and more resources to stay ahead" of hackers — including foreign governments. 
Fleming, who is president of investment management at Morgan Stanley, didn't specify any particular countries he's concerned with, but his sentiment was echoed by other Wall Street pros on stage. 

Fleming reportedly kept his global nightmare scenarios rather generalized, but he was preaching to the choir of other Wall Street bigwigs that are openly terrified of foreign hackers.

Jamie Dimon has been doing his Cyberpunk Paul Revere act for years now (and JPMorgan has had... "mixed results") while Brian Moynihan has taken a "here's all the money to keep my laptop secure" approach. If and when Fleming takes the reins at Morgan Stanley, he appears likely to be another CEO focused on not being the "Sony of banks."

In the meantime, Morgan Stanley should refrain from involving itself with James Franco. In addition to being a sworn enemy of the hack-happy North Korean regime, Franco has added ruining stocks to his litany of hobbies.

Top Morgan Stanley banker says foreign governments are trying to hack Wall Street [BI]


By Keith Allison [CC BY-SA 2.0], via Wikimedia Commons

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