PURCHASE N.Y. May 13 Morgan Stanley said
on Tuesday it plans to proceed with the sale of its global
physical oil trading divisions to Russian state-run oil company
Rosneft despite the ongoing crisis in Ukraine.
"We're strategically committed to that transaction ... and
we plan to close it," Chief Executive Officer James Gorman told
reporters after the investment bank's annual shareholder
meeting, adding that he will not speculate on whether
geopolitical conditions will deteriorate further.
The transaction was announced on Dec. 20, before Russia
launched its incursion into Ukraine's Crimean peninsula.
On April 28 the United States imposed sanctions on Rosneft
president and chairman Igor Sechin in response to Russia's
intervention into Ukraine. The sanctions only applied to Sechin,
not Rosneft more broadly.
At Morgan Stanley's annual meeting, shareholders voted to
approve all of the company's directors, its auditor and its
executive compensation package.
In response to reporters' questions about how the bank's
trading results were faring so far in the second quarter, Gorman
said only that markets are "rough."
JPMorgan Chase & Co said in a May 2 securities
filing that it expected second-quarter revenue from bond and
equity trading to fall by around one-fifth from the same quarter
(Reporting by Lauren Tara LaCapra in Purchase; Writing by Peter
Rudegeair in New York)