Morgan Stanley to spin off prop trading desk

01/12/2011

Morgan Stanley to spin off prop trading desk

Justin Baer, Financial Times, January 10, 2011

Morgan Stanley agreed to spin off its last big proprietary trading desk by 2012 in a move that brings it a step closer to meeting new US rules on banks betting their own capital.

Last year’s sweeping financial regulatory reform legislation outlawed large US banks from betting their own capital on trades where clients’ interests were not being served, setting in motion a wave of departures and restructurings at trading desks that were once among the most coveted and lucrative spots on Wall Street.

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Posted at 04:15 PM in Current Affairs, Morgan Stanley | Permalink

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01/12/2011