NEW YORK, June 10 Morgan Stanley will
"probably" close sales of two physical commodities businesses in
the third quarter, Chief Executive James Gorman said on Tuesday.
The Wall Street bank is in the process of selling a global
oil merchanting business to Russian energy company Rosneft, as
well as its ownership stake in TransMontaigne to NGL Energy
The fate of the Rosneft deal came into question because of
Western sanctions on Russian officials, though both parties have
said they expect the transaction to close later this year.
Gorman made his latest comments at a Morgan
Stanley conference, where he also outlined the bank's progress
in shedding risky assets, growing revenue and reducing costs.
(Reporting by Lauren Tara LaCapra)