Wall Street News – October 25, 2010

Deutsche job cuts to come

The Bottom Line:

Deutsche Bank is currently reviewing its personnel and are expected to cut 5-10% of their staff.

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Investment Bank, Securities Dealing Job Count Sinks Again

The Bottom Line:

The number of workers in investment banking and securities in New York has declined more than 20% for the second year in a row. 

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Morgan Stanley Cuts Investment Bank's Bonus Pool 8% as Brokerage Pay Rises

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MOVES-FINRA, JP Morgan, Deutsche Bank, UBS

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Jefferies: the bank that keeps on hiring

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Traders strike out to sell skills in a buyer’s market

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UPDATE 2-MOVES-Morgan Stanley Smith Barney, GMP Capital

Soham Chatterjee, Reuters, Aug 24, 2010

(Adds Morgan Stanley Smith Barney, Quilter)

(Reuters) – The following financial services industry appointments were announced on Tuesday. To inform us of other job changes, send an email to moves@thomsonreuters.com.

MORGAN STANLEY SMITH BARNEY

The joint venture between Morgan Stanley (MS.N) and Citigroup Inc (C.N), appointed Ben Dembin and Francis Schiavetti as advisers in Boca Raton, Florida. Both Dembin and Schiavetti join from Wells Fargo and Co (WFC.N). [ID:nN24243265]

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Two Top Executives Leaving Morgan Stanley Unit

Jenny Strasburg, The Wall Street Journal, July 13, 2010

Two senior executives of Morgan Stanley's Morgan Stanley Investment Management are leaving, six months after Gregory Fleming joined the Wall Street firm to oversee and restructure the division.

Stuart Bohart and Stephen Trevor, the departing executives, were co-heads of the asset-management business until Mr. Fleming arrived in February. Both reported to Mr. Fleming, a former Merrill Lynch & Co. president and the first big hire by Morgan Stanley Chief Executive James Gorman. Mr. Gorman tapped Mr. Fleming before he formally took over the CEO job Jan. 1.

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STREET MOVES: Morgan Stanley Hires UBS, Schwab Advisers

Annie Gasparro, The Wall Street Journal, July 12, 2010

NEW YORK (Dow Jones)--Morgan Stanley Smith Barney has hired several financial
advisers from UBS AG (UBS) and Charles Schwab Corp. (SCHW).

Robert Seaman, Brian Lippert, Mark Morena and Kent Beal, who were on a
financial advisory team at UBS Wealth Management Americas, have moved to Morgan
Stanley Smith Barney's Canton, Ohio, office. The team brought in about $2
million in commissions and fees over the past 12 months and had roughly $300
million in assets under management at UBS. The team was at UBS for three and a
half years.

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Morgan Stanley Said to Plan Hiring of 500 Bankers

(Updates to define private banker in second paragraph, adds number of Merrill Lynch advisers in eighth paragraph.)

Michael J. Moore, Business Week, July 1, 2010

(Bloomberg) — Morgan Stanley, owner of the world’s largest brokerage, hired 100 bankers to offer more products such as jumbo mortgages and structured loans to Morgan Stanley Smith Barney clients and may quintuple their numbers by the end of 2011, a person with knowledge of the strategy said.

The firm is building a private bank to squeeze more revenue from clients and encourage them to hold deposits at the company. Morgan Stanley’s wealth management group had $191 million of interest income in the first quarter, a fraction of the $1.1 billion at Bank of America Corp.’s Merrill Lynch unit. Private bankers offer loans, savings products and sometimes investment advice to a bank’s wealthiest clients.

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Morgan Stanley Hires U.S. Equity Strategist

The New York Times, June 10, 2010

Morgan Stanley has hired Adam Parker from Sanford C. Bernstein as its United States equity strategist, Bloomberg News reports, citing an internal memo.

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ING hires Morgan Stanley to sell real estate unit: sources

Sinead Cruise andVictoria Howley, Reuters, June 8, 2010

(Reuters) – Dutch bank ING has appointed Morgan Stanley for a possible sale of its real estate management arm as the bank reinvents itself after a state bail-out, sources familiar with the matter said.

DEALS

The hiring of the U.S. investment bank follows months of speculation on the future of the unit — which has $92 billion in assets under management — while ING is making heavy cuts to its business at the behest of the European Union.

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Morgan Stanley Not Done with Brokerage Cuts

Charlie Gasparino, FOX Business, June 7, 2010

Morgan Stanley (MS: 25.5, 0.1875, 0.74%) has plans to shutter 300 branch offices and slash as many as 1,200 jobs over the next year as part of a plan to cut costs related to the merger of its brokerage division with Citigroup's (C: 3.68, 0.03, 0.82%) Smith Barney, FOX Business Network has learned.

As previously reported by FOX Business, Morgan Stanley has already cut 200 jobs, mostly support staff, as part of the merging of the two divisions. But people close to the firm say officials at Morgan are far from finished as they attempt to squeeze $1.1 billion in savings from the deal by the end of 2011, and that means slashing jobs, and shuttering hundreds of branches.

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Morgan Stanley’s Asia Chairman to Step Down

Stephen Roach (above)

Ettina Wassener, The New York Times, June 4, 2010

HONG KONG — Morgan Stanley announced on Friday that Stephen Roach, the chairman of the bank’s Asia operations and one of the region’s most high-profile economists, would relocate from Hong Kong to New York, in part to take up a teaching position at Yale University.

Mr. Roach, who has spent the past three years in Hong Kong, will remain with Morgan Stanley and assume the role of non-executive chairman of Asia on July 1. He will return to the region about once a month to continue liaising with Morgan Stanley clients, government policy makers and regulators.

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Morgan Stanley Raises Mack’s Salary to $2 Million

John J. Mack (above)

The New York Times, May 28, 2010

After holding out its pay practices as a rejoinder to Wall Street excess, Morgan Stanley disclosed late Friday afternoon that it will more than double the salary of John J. Mack, the firm’s chairman, to $2 million a year.

In a regulatory filing, Morgan Stanley said that its board had approved raising Mr. Mack’s base salary from $800,000, effective June 1.

Morgan Stanley pointed out in its filing that Mr. Mack’s salary had not risen since his return to the firm in 2005, and that he had declined year-end bonuses for the last three years.

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