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.
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