RJ and Makay

Morgan Stanley’s conversion agreement with its Mitsubishi UFJ Financial Group partnership will not change the firm’s planned timeline to buy the remainder of the Smith Barney brokerage joint venture from Citigroup, Inc., according to Morgan Stanley chief executive James Gorman.

In the first quarter of 2011, Morgan Stanley posted a $655 million pre-tax loss related to Mitsubishi UFJ Financial Group.  Mitsubishi converted 7.8 billion in preferred stock for 385 million shares of the company after reports surfaced about the loss.

WealthManager Web released their third annual 50 Top Women in Wealth Monday. The top 50 women are from the financial services industry, politics, and even law professors who are influencing the financial well being of millions of Americans. The ten women advisory board selected their top 50 from hundreds of nominees.

Some of the winners on the list include women from well known national firms including: Patricia Besser, Managing Director at U.S. Trust; Carla Harris, Managing Director, Morgan Stanley Investment Management; and Sallie Krawcheck, President, Global Wealth and Investment Management, Bank of America Merrill Lynch (couldn't be a list of top women in wealth without Sallie Krawcheck).

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The new Merrill Lynch is looking a lot like the old Smith Barney. Run by a behemoth bank with a different culture and led by Sallie Krawcheck. The new Smith Barney (now Morgan Stanley Smith Barney) is looking a lot like the old Merrill Lynch. Broker centric culture running outside the constraints of big bank bureaucracy run by James Gorman.