The Hand of Scalpuman
Would you like to react to this message? Create an account in a few clicks or log in to continue.

The Hand of Scalpuman

Forum of the Lord of Trading fellowship


 
HomeSearchLatest imagesRegisterLog in
Latest topics
» Daily Market Analysis from ForexMart
M Stanley to recruit hundreds of traders Icon_minitimeTue May 03, 2016 9:51 am by Andrea ForexMart

» Company News by ForexMart
M Stanley to recruit hundreds of traders Icon_minitimeWed Apr 27, 2016 9:46 am by Andrea ForexMart

» forex & binary - licensing & consulting
M Stanley to recruit hundreds of traders Icon_minitimeThu Apr 14, 2016 1:32 pm by AGPLaw

» Stop leading an 8/5 robotic life and live real life!
M Stanley to recruit hundreds of traders Icon_minitimeWed Oct 14, 2015 9:59 am by Ian Shaw

» Forex and binary options affiliate program reviews
M Stanley to recruit hundreds of traders Icon_minitimeWed Sep 09, 2015 7:09 pm by affiliates-network

» InstaForex Company News
M Stanley to recruit hundreds of traders Icon_minitimeThu Oct 02, 2014 8:29 am by IFX Yvonne

»  Forex expositions by ShowFxWorld.
M Stanley to recruit hundreds of traders Icon_minitimeFri Aug 29, 2014 10:44 am by ShowFxWorld

» Forex News from InstaForex
M Stanley to recruit hundreds of traders Icon_minitimeFri Aug 22, 2014 9:48 am by IFX Yvonne

» Shaolin Black Swan and Crunching Hobbit
M Stanley to recruit hundreds of traders Icon_minitimeWed Jul 23, 2014 7:44 pm by Sauros




 

 M Stanley to recruit hundreds of traders

Go down 
AuthorMessage
Snapman

Snapman


Posts : 625
Join date : 2009-06-25
Age : 36
Location : New York City

M Stanley to recruit hundreds of traders Empty
PostSubject: M Stanley to recruit hundreds of traders   M Stanley to recruit hundreds of traders Icon_minitimeTue Feb 02, 2010 7:46 pm

buy high sell low...


-snapman




-----


M Stanley to recruit hundreds of traders

By Francesco Guerrera and Justin Baer in New York
Published: January 31 2010 22:37 | Last updated: January 31 2010 22:37

function floatContent(){var paraNum = "3"
paraNum = paraNum - 1;var tb = document.getElementById('floating-con');var nl = document.getElementById('floating-target');if(tb.getElementsByTagName("div").length> 0){if (nl.getElementsByTagName("p").length>= paraNum){nl.insertBefore(tb,nl.getElementsByTagName("p")[paraNum]);}else {if (nl.getElementsByTagName("p").length == 3){nl.insertBefore(tb,nl.getElementsByTagName("p")[2]);}else {nl.insertBefore(tb,nl.getElementsByTagName("p")[0]);}}}}Morgan Stanley
plans to boost its underperforming securities business by hiring
several hundred traders over the next few years in an effort to close
the gap with Wall Street rivals, according to James Gorman, the new
chief executive.The securities business is crucial to Mr Gorman’s strategy of reviving Morgan Stanley’s fortunes after a loss-making 2009 by marrying a strong investment bank with a large US retail brokerage operation.EDITOR’S CHOICE

In depth: US banks - Feb-10


Gorman aims to strike a balance - Jan-31


M Stanley warns on ‘prop trading’ crackdown - Jan-27


Morgan Stanley teams up with Orascom - Jan-26




Mr
Gorman, who took over as chief executive from John Mack in January,
told the Financial Times that Morgan Stanley’s sales and trading unit
had failed to reach many of the investors and companies who wanted to
do business with the bank.“We are not showing clients enough,”
he said. “We don’t have people on the ground. We are not sufficiently
penetrated with large clients and there are some smaller clients we are
missing out on.”In 2009, Morgan Stanley’s sales and trading operations lagged behind rivals such as Goldman Sachs and JPMorgan Chase in taking advantage of a boom in fixed income, commodities, currencies and interest rates trades.In
2009, Morgan Stanley had revenues of $5bn in fixed income trading, or
$8.8bn excluding an accounting loss, compared with $17.6bn earned by
JPMorgan and the $23.3bn recorded by Goldman.Morgan Stanley
hired 350 people in the securities business last year. However, Mr
Gorman, whose first move as chief executive was to overhaul the top
management of the securities and investment banking unit, said more
needed to be done.He said: “We need to seriously grow our
footprint in products like currencies, equity derivatives, commodities.
We could easily be 25 per cent bigger than we are. [Investors’] bias is
to do more business with us, the burden is on us to deliver.”Morgan
Stanley does not break down the number of employees in its sales and
trading unit, but people familiar with the company said Mr Gorman’s
plans could lead to the recruitment of several hundred people over the
next three years or so.Mr Gorman’s hiring push underlines Wall
Street’s belief that last year’s trading boom, partly fuelled by huge
injections of liquidity from governments, will continue.But it
is also an admission that the decision by Mr Mack, who is still
chairman, to focus on the complex derivatives popular before the crisis
left Morgan Stanley ill equipped to benefit from the pick-up in the
trading of simpler fixed income products.“In the past there was
an institutional bias towards more complex, structured products which
served us well at the time,” Mr Gorman said.In December, Mr Gorman named Colm Kelleher,
a former finance chief, and Paul Taubman, a veteran investment banker,
as co-heads of the securities and investment banking division. Mitch
Petrick, global head of sales and trading, stepped down.After
recording its first yearly loss as a public company in 2009, Morgan
Stanley has to recover the ground lost to Wall Street’s other
bulge-bracket firms.Mr Gorman, a former McKinsey consultant and
Merrill Lynch executive, called 2010 “the year of execution. We now
know what we are and what we are not ... I am very comfortable with
what we are. Now we have to deliver results”.


Copyright
The Financial Times Limited 2010. You may share using our article
tools. Please don't cut articles from FT.com and redistribute by email
or post to the web.
Back to top Go down
http://groupANLZ.blogspot.com
 
M Stanley to recruit hundreds of traders
Back to top 
Page 1 of 1
 Similar topics
-
» Euro Sales Extend as Morgan Stanley Mulls EU Breakup (Update2)
» Morgan Stanley Sees ‘Boom and Bust’ for China Stocks (Update2)
» Traders and Behavior
» Everythintg Financial
» Wall Street Seeing Goldman in Rare Reversal With Morgan Stanley

Permissions in this forum:You cannot reply to topics in this forum
The Hand of Scalpuman :: The Trading Holy Grail Forums :: Economic News, Market Comments & Opinions-
Jump to: