China in auto power play
It might not shake up the industry just yet, but China's interest in Volvo and Saab is the start of something big in global autos, writes columnist Wei Gu. Commentary
Morgan Stanley dialing back risk in trading
NEW YORK (Reuters) - Morgan Stanley (MS.N), which posted $9.6 billion in write-downs during the fourth quarter, will be reducing its risk taking for a short period until new risk management systems and leadership are established, Chairman and Chief Executive John Mack said on Wednesday.
"In the short run, I'm going to be, and this firm is going to be, much more cautious in some of these larger bets," Mack said in a conference call with analysts. "So from that perspective, we're going to dial it back a little bit."
Mack said Morgan Stanley will continue to take risks in trading and proprietary activities, but for a short period, will try to slow things down.
"I think that we have been sprinting and I think we're going to be kind of jogging right now for awhile," Mack said. "But we will still be in the market taking risk."
(Reporting by Joseph A. Giannone; Editing by Leslie Gevirtz)
