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Morgan Stanley CEO expects commodities sales to close in third quarter
June 10, 2014 / 10:12 PM / in 4 years

Morgan Stanley CEO expects commodities sales to close in third quarter

NEW YORK (Reuters) - Morgan Stanley will “probably” close sales of two physical commodities businesses in the third quarter, Chief Executive James Gorman said on Tuesday.

Morgan Stanley CEO James Gorman participates in a conversation-style interview with Economic Club of Washington in Washington September 18, 2013. REUTERS/Yuri Gripas

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 Partners.

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

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