PARIS, May 12 (Reuters) - Morgan Stanley will open a new European office in Paris that will create 100 more jobs, French Finance Minister Bruno Le Maire said on Sunday, as Paris aims to burnish its credentials as a major European finance centre. The closely watched Z/Yen survey of global financial centres, published in March, put New York as the world's top financial hub with London in second place. It also ranked Frankfurt above Paris. But Le Maire told reporters that the new jobs from the U.S.
Morgan Stanley is an American multinational investment bank and financial services company headquartered at 1585 Broadway in Midtown Manhattan, New York City. With offices in 41 countries and more than 75,000 employees, the firm's clients include corporations, governments, institutions, and individuals. Morgan Stanley ranked No. 61 in the 2023 Fortune 500 list of the largest United States corporations by total revenue and in the same year ranked #30 in Forbes Global 2000.The original Morgan Stanley, formed by J.P. Morgan & Co. partners Henry Sturgis Morgan (a grandson of J.P. Morgan), Harold Stanley, and others, came into existence on September 16, 1935, in response to the Glass–Steagall Act, which required the splitting of American commercial and investment banking businesses. In its first year, the company operated with a 24% market share (US$1.1 billion) in public offerings and private placements.The current Morgan Stanley is the result of the merger of the original Morgan Stanley with Dean Witter Discover & Co. in 1997. Dean Witter's chairman and CEO, Philip J. Purcell, became the chairman and CEO of the newly merged "Morgan Stanley Dean Witter Discover & Co." The new firm changed its name back to "Morgan Stanley" in 2001. The main areas of business for the firm today are institutional securities, wealth management and investment management. The bank is considered systemically important by the Financial Stability Board.
Morgan Stanley Wealth Management is an American multinational financial services corporation specializing in retail brokerage. It is the wealth & asset management division of Morgan Stanley.On January 13, 2009, Morgan Stanley and Citigroup announced that Citigroup would sell 51% of Smith Barney to Morgan Stanley, creating Morgan Stanley Smith Barney, which was formerly a division of Citi Global Wealth Management. The combined brokerage house has 17,646 financial advisors and manages $2 trillion in client assets. Clients range from individual investors to small- and mid-sized businesses, as well as large corporations, non-profit organizations and family foundations.On September 25, 2012, Morgan Stanley announced that its U.S. wealth management business was renamed "Morgan Stanley Wealth Management". The broker-dealer designation for Morgan Stanley Wealth Management will remain "Morgan Stanley Smith Barney LLC".
Paris is the capital and most populous city of France. With an official estimated population of 2,102,650 residents as of 1 January 2023 in an area of more than 105 km2 (41 sq mi), Paris is the fourth-most populated city in the European Union and the 30th most densely populated city in the world in 2022. Since the 17th century, Paris has been one of the world's major centres of finance, diplomacy, commerce, culture, fashion, and gastronomy. For its leading role in the arts and sciences, as well as its early and extensive system of street lighting, in the 19th century, it became known as the City of Light. The City of Paris is the centre of the Île-de-France region, or Paris Region, with an official estimated population of 12,271,794 inhabitants on 1 January 2023, or about 19% of the population of France. The Paris Region had a GDP of €765 billion (US$1.064 trillion, PPP) in 2021, the highest in the European Union. According to the Economist Intelligence Unit Worldwide Cost of Living Survey, in 2022, Paris was the city with the ninth-highest cost of living in the world.Paris is a major railway, highway, and air-transport hub served by two international airports: Charles de Gaulle Airport (the third-busiest airport in Europe) and Orly Airport. Opened in 1900, the city's subway system, the Paris Métro, serves 5.23 million passengers daily; it is the second-busiest metro system in Europe after the Moscow Metro. Gare du Nord is the 24th-busiest railway station in the world and the busiest outside Japan, with 262 million passengers in 2015. Paris has one of the most sustainable transportation systems and is one of the only two cities in the world that received the Sustainable Transport Award twice.Paris is especially known for its museums and architectural landmarks: the Louvre received 8.9 million visitors in 2023, on track for keeping its position as the most-visited art museum in the world. The Musée d'Orsay, Musée Marmottan Monet and Musée de l'Orangerie are noted for their collections of French Impressionist art. The Pompidou Centre Musée National d'Art Moderne, Musée Rodin and Musée Picasso are noted for their collections of modern and contemporary art. The historical district along the Seine in the city centre has been classified as a UNESCO World Heritage Site since 1991.Paris hosts several United Nations organizations including UNESCO, and other international organizations such as the OECD, the OECD Development Centre, the International Bureau of Weights and Measures, the International Energy Agency, the International Federation for Human Rights, along with European bodies such as the European Space Agency, the European Banking Authority and the European Securities and Markets Authority. The football club Paris Saint-Germain and the rugby union club Stade Français are based in Paris. The 81,000-seat Stade de France, built for the 1998 FIFA World Cup, is located just north of Paris in the neighbouring commune of Saint-Denis. Paris hosts the annual French Open Grand Slam tennis tournament on the red clay of Roland Garros. The city hosted the Olympic Games in 1900 and 1924, and will host the 2024 Summer Olympics. The 1938 and 1998 FIFA World Cups, the 2019 FIFA Women's World Cup, the 2007 Rugby World Cup, as well as the 1960, 1984 and 2016 UEFA European Championships were also held in the city. Every July, the Tour de France bicycle race finishes on the Avenue des Champs-Élysées in Paris.
Morgan Stanley's net income rose by 14% to $3.4 billion, exceeding expectations, with a 4% increase in revenues driven by a strong performance in investment banking and trading. CEO Ted Pick highlighted growth in investment banking fees and a positive outlook for M&A activity. Similarly, Goldman Sachs saw a 28% rise in profits to $3.3 billion, attributed to a revival in investment banking with increased deal-making fees. CEO David Solomon expressed optimism for the capital markets reopening and predicted a growth in M&A deals.
Regulators including the SEC, OCC, and Treasury are investigating if Morgan Stanley adequately verified prospective clients' identities and sources of wealth, especially focusing on international clients. Concerns raised about clients 'at risk' of money laundering, one being a sanctioned Russian-linked billionaire. The bank's cooperation with regulators, plans to invest in AI for monitoring money transactions, and the significance of wealth management for Morgan Stanley are highlighted amid the scrutiny. Previous investigations into block trading practices and recent appointment of former UK regulator to the board are mentioned.
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