NEW YORK – Morgan Stanley’s Chief Executive Officer James Gorman told shareholders on Thursday that is to too early for him or anyone on the board of directors to consider reinstating the bank’s share buyback program.
Morgan Stanley, along with JPMorgan Chase & Co, Bank of America and five others, voluntarily suspended their share repurchases in mid-March to preserve liquidity during the novel coronavirus pandemic to lend to individuals and businesses in need.
Gorman, speaking at the bank’s annual meeting, said he does not anticipate resuming share buybacks until the bank is certain the economy is on more steady footing. The current suspension is in place through at least June 30.
Gorman, who has led the U.S. – based bank since the middle of the financial crisis more than a decade ago, has worked to build out the bank’s wealth management business to create a stable revenue and funding source for the bank.
In February, the bank announced plans to buy discount brokerage E’Trade Financial Corp for $13 billion.
Earlier this week, the bank said it will expand its full-service wealth management business to Canada.
Despite the costs of these expansion, Gorman has said that the bank’s operating committee unanimously ruled out staff cuts in 2020.
Since March, more than 90% of the bank’s worldwide staff has been working from home, and Gorman said Thursday he expects only about 50% of workers to return to working in office by the end of this years.
Shareholders at the meeting, which was held virtually due to the coronavirus pandemic, voted to reelect Gorman and the rest of the bank’s board of directors with the support of nearly 97% of votes, according to initial tallies. Roughly 94% of investors voted to approve the bank’s executive compensation plan.
RIYADH | SAUDI ARABIA – The most popular rivalry in the Saudi Pro League (SPL) will take center stage as Al-Nassr host Al-Hilal on Wednesday, with safety precautions to allow the safe return of football in the Kingdom. The eagerness for football’s return will be highlighted when players arrive fully kitted at King Fahd Stadium, … Continue reading SPORT | Red Card For Virus As Saudi Pro League Returns With Riyadh Derby
MADRID – Spain’s former king Juan Carlos has told his son, King Felipe, that he is leaving the country, the Royal House said on Monday, in a dramatic move designed to protect the monarchy after corruption allegations against him surfaced. In June, the Spanish Supreme Court opened an investigation into Juan Carlos’s involvement in a … Continue reading ROYALS | Former King Juan Carlos To Leave Spain Amid Corruption Allegations
DOHA – this year’s Diamond League athletics meeting in Doha, initially scheduled for Oct.9, has been brought forward by a fortnight and will take place on Dept.25, organisers announced on Monday. The event in Doha, which serves as the traditional season opener, had previously been pushed back from its April 17 slot due to the … Continue reading Athletics: Doha Diamond League Meeting Brought Forward
NEW YORK – President Donald Trump has agreed to give Chine’s ByteDance 45 days to negotiate a sale of popular short-video app TikTok to Microsoft Corp, three people familiar with the matter said on Saunday. U.S. Official said TikTok under its Chinese parent poses a national risk because of the personal data it handles. Trump … Continue reading BUSINESS | Trump To Give TikTok’s Chinese Owner 45 Days To Agree Sale – Sources
The famed French crystal brand Baccarat has just opened an ultra-glamorous bar in London’s most famous department store, Harrods. There’s a new reason to pop into Harrods on your next trip to London and that’s new Baccarat Bar. Cocooned on the lower-ground level of the famed Knightbrisge flagship (with a street entrance on Hand Crescent), … Continue reading LIFESTYLE | There’s A New Baccarat London’s Harrods
An ultra – rare Rolex Cosmograph Daytona JPS reference 6264 in 18k gold achieved more than $1.5 million in a single-lot online sale held by Sotheby’s in London. The 1969 ‘John Player Special’, named after Formula 1 livery, because of its black and gold ‘Paul Newman’ dial. The price set action record for a watch … Continue reading MASTERWORKS OF TIME | Rolex Daytona ‘JPS’ 6264 Fetches a record $1.5 million in online sale
The popular vacation destination has struggled with reduced tourism during the coronavirus pandemic. Fortunately, due to the state’s low number of cases, some countries are considering it a safe travel destination. Japan listed Hawaii, along 11 other countries and regions, as a safe international travel destination, the Associated Press reports. The announcement was made as … Continue reading TRAVEL ESSENTIALS | Hawaii Added To Japan’s Safe International Travel Destination List
HEALTH | Diets Higher In Protein, Particularly Plant Protein, Linked To Lower Rates Of Early Death: Study
The results of a new study may give you a reason to make a three-bean salad or snack on hummus. According to a report published in the British Medical Journal (BMJ), diets rich in protein, particularly plant protein, are linked to a lower risk of early death. The study said diets consisting of plant proteins … Continue reading HEALTH | Diets Higher In Protein, Particularly Plant Protein, Linked To Lower Rates Of Early Death: Study
The pandemic outbreak has been a major blow to the global travel industry. Private aviation, although less affected than commercial flight, has been forced to diversify its services to maintain the number of operations. Furthermore, a shift in consumer behavior has been registered by charter jet companies, with passengers opting to fly private thanks to … Continue reading AVIATION | The Top 5 Private Jet Destination After COVID-19 According To The Experts
CORONAVIRUS CRISIS | Young Children With Coronavirus May Carry 10 To 100 Times More Of Virus Than Adults
Children under five years of age may harbor up to 100 times as much of the coronavirus in their noses and throats as infected adults and older children, according to a study out of Chicago. ‘Our analyses suggest children younger than 5 years with mild to moderate COVID-19 have high amounts of SARS-COV-2 viral in … Continue reading CORONAVIRUS CRISIS | Young Children With Coronavirus May Carry 10 To 100 Times More Of Virus Than Adults