BUSINESS | Morgan Stanley CEO: Too Early To Consider Restarting Share Buybacks

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.


BUSINESS NEWS | Zoom Doubles Full-Year Revenue Forecast On Remote – Work Boost

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BUSINESS | Twitter Names Ex-Google CFO Patrick Pichette Chairman

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NEWS | Saudi King Orders Appointment Of 156 Members To Judiciary

RIYADH | SAUDI ARABIA – Custodian of the Two Holy Mosques King Salman Bin Abdulaziz Al Saud order on Monday the appointment of 156 men and women with the rank of investigative lieutenant to Saudi Arabia’s Public Prosecution. Attorney General Skeikh Saudi bin Abdullah Al-Mujab said the order is in line with King Salman’s ongoing … Continue reading NEWS | Saudi King Orders Appointment Of 156 Members To Judiciary

BUSINESS | Malls, Private Businesses To Reopen In Dubai On Wednesday

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BUSINESS NEWS | LVMH – Tiffany Deal Seen Au Uncertain: WWD

PARIS – French luxury goods group LVMH’s board called a meeting in Paris to discuss its $16.2 – billion offer for Tiffany & Co amid a deteriorating situation in the U.S. market, fashion trade publication WWD reported on Tuesday, citing sources. Tiffany did not immediately respond to a request for comment and LVMH declined comment.

SPORTS NEWS | F1 Set For A Series Of Firsts With Revised Race Calendar

LONDON – Formula One is set for a series of firsts after publishing a revised eight – race schedule on Tuesday that will see Austria’s Red Bull Ring and Britian’s Silverstone circuit each host two grands prix without spectators in July and August respectively. The season, which originally envisaged a record 22 races, has been … Continue reading SPORTS NEWS | F1 Set For A Series Of Firsts With Revised Race Calendar

BLACK LIVES MATTER | Small, Independent Fashion Brands Are Leading The Fundraising Efforts For Black Lives Matter And Bail Funds

While much of the fashion community has posted about the Black Lives Matter movement on social media, the number of companies that have announced sizable donations to causes are few. Yes, Rihanna’s lingerie line, Savage X Fenty, has donated to Black Lives Matter’s New York chapter and the Bail Project, and Ganni has pledged $100,000 … Continue reading BLACK LIVES MATTER | Small, Independent Fashion Brands Are Leading The Fundraising Efforts For Black Lives Matter And Bail Funds

NEWS ALERT | Saudi-Led Coalition Says Shot Down Two Drones Launched By Yemen’s Houthis: Agency

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NEWS | Putin and Trump Discussed G7 Summit, Oil Markets In Call: Kremlin

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