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RJ & Makay

Our view of news, events and human capital trends in the financial services industry.

equity incentive plan

Smith Barney plan remains on track: Morgan Stanley

Posted by RJ and Makay on May 20, 2011

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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.