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Morgan Stanley boss James Gorman anoints possible successors


By Lydia Moynihan
May 20, 2021 | 12:10 PM
Morgan Stanley’s Chief Executive James Gorman named longtime deputies Ted Pick and Andy Saperstein as co-presidents setting up a race to succeed him at the helm of the Wall Street giant. Pick, 52, will continue to lead institutional securities but will also be promoted to also oversee Morgan Stanley’s international operations as co-head of…
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Morgan Stanley Books Archegos Loss, but Profit Hits New High — 3rd Update


Provided by
Dow Jones
By Peter Rudegeair
Morgan Stanley lost $911 million when Archegos Capital Management imploded last month, tarnishing a record-setting quarter for the Wall Street firm.
The New York-based bank reaped big gains from the euphoric market conditions of early 2021. But record performance across many of its businesses was offset by credit and trading losses Morgan Stanley booked following a fire sale of more than $30 billion worth of stocks tied to Archegos, the family office run by former Tiger Asia manager Bill Hwang.
Archegos used billions of dollars it borrowed from banks to acquire big stakes in ViacomCBS Inc., Discovery Inc. and a handful of other media and technology companies. To amass its positions, the fund entered into derivative contracts with different banks, an arrangement that concealed the size of Archegos s total portfolio from each lender. When some of its holdings started to lose value in Ma ....

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