Morgan Stanley is adding hundreds of jobs in trading and sales in hopes of ramping up profit in its emerging markets, foreign exchange, equity derivatives and prime brokerage businesses.
The company will add as many as 400 professionals in trading and sales this year, said an anonymous person familiar with the hiring, who did not wish to be identified because the job additions were not formally announced.
The positions are not replacements for those who left or were laid off, but are net additions for the year.
The hiring has begun and about half of the total positions are filled.
The New York-based investment bank reported last month that it lost more than US$1.2 billion in the second quarter mainly because of charges to cover losses in real estate investments and costs of repaying the government for bailout money.
At the time, analysts said Morgan Stanley’s investment banking revenue was strong, but that its conservative approach to trading hindered its ability to offset the special charges.
The company’s capital ratios were among the strongest among its peers, indicating that it was sitting on more cash in reserve rather than betting it on riskier assets.
Morgan Stanley said its loss after paying preferred dividends was US$1.26 billion, or US$1.10 per share, during the quarter ended June 30.
It earned US$1.06 billion, or US$1.02 per share, during the same quarter last year.
Analysts polled by Thomson Reuters had forecast a quarterly loss of US$0.49 per share.
In June, Morgan Stanley was one of 10 major banks that was approved to repay its government loan.
Goldman and JPMorgan Chase Co were also among the other major banks that repaid government Troubled Asset Relief Program funds.
Morgan Stanley had received US$10 billion as part of the government’s US$700 billion program.
RETHINK? The defense ministry and Navy Command Headquarters could take over the indigenous submarine project and change its production timeline, a source said Admiral Huang Shu-kuang’s (黃曙光) resignation as head of the Indigenous Submarine Program and as a member of the National Security Council could affect the production of submarines, a source said yesterday. Huang in a statement last night said he had decided to resign due to national security concerns while expressing the hope that it would put a stop to political wrangling that only undermines the advancement of the nation’s defense capabilities. Taiwan People’s Party Legislator Vivian Huang (黃珊珊) yesterday said that the admiral, her older brother, felt it was time for him to step down and that he had completed what he
Taiwan has experienced its most significant improvement in the QS World University Rankings by Subject, data provided on Sunday by international higher education analyst Quacquarelli Symonds (QS) showed. Compared with last year’s edition of the rankings, which measure academic excellence and influence, Taiwanese universities made great improvements in the H Index metric, which evaluates research productivity and its impact, with a notable 30 percent increase overall, QS said. Taiwanese universities also made notable progress in the Citations per Paper metric, which measures the impact of research, achieving a 13 percent increase. Taiwanese universities gained 10 percent in Academic Reputation, but declined 18 percent
CHINA REACTS: The patrol and reconnaissance plane ‘transited the Taiwan Strait in international airspace,’ the 7th Fleet said, while Taipei said it saw nothing unusual The US 7th Fleet yesterday said that a US Navy P-8A Poseidon flew through the Taiwan Strait, a day after US and Chinese defense heads held their first talks since November 2022 in an effort to reduce regional tensions. The patrol and reconnaissance plane “transited the Taiwan Strait in international airspace,” the 7th Fleet said in a news release. “By operating within the Taiwan Strait in accordance with international law, the United States upholds the navigational rights and freedoms of all nations.” In a separate statement, the Ministry of National Defense said that it monitored nearby waters and airspace as the aircraft
UNDER DISCUSSION: The combatant command would integrate fast attack boat and anti-ship missile groups to defend waters closest to the coastline, a source said The military could establish a new combatant command as early as 2026, which would be tasked with defending Taiwan’s territorial waters 24 nautical miles (44.4km) from the nation’s coastline, a source familiar with the matter said yesterday. The new command, which would fall under the Naval Command Headquarters, would be led by a vice admiral and integrate existing fast attack boat and anti-ship missile groups, along with the Naval Maritime Surveillance and Reconnaissance Command, said the source, who asked to remain anonymous. It could be launched by 2026, but details are being discussed and no final timetable has been announced, the source