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Tuesday, November 09, 2010

Gorman Reacts to MSSB Buzz

News summary by MFWire's editors

Morgan Stanley CEO James Gorman on Monday set the record straight about his company's plans regarding its Morgan Stanley Smith Barney joint venture with Citi.

Last week, the Wall Street Journal, citing anonymous sources, reported that Morgan Stanley might consider postponing purchases of additional stakes in the joint venture to meet tougher global capital requirements in 2013 (see The MFWire, 11/4/2010).

Speaking at SIFMA's annual meeting yesterday, Gorman called the report "not accurate," according to Reuters. "We fully intend" to complete the purchases from Citi, he added.

Morgan Stanley intends to "move forward on the first trigger," the Wall Street Journal reported in a story published today. 

Edited by: Armie Margaret Lee


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