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James P. Gorman, chairman & CEO of Morgan Stanley, testifies before a House...

Morgan Stanley’s $10 trln target leads to another

James Gorman has set his firm a big new target and hinted at another. The Morgan Stanley boss on Wednesday outlined fresh long-term goals including an ambition to grow the Wall Street firm’s client investments to $10 trillion, from $6.5 trillion today. Gorman has touted that number before, though not in writing. Investors can now do the math on what it would mean for them.

Laurence Fink, founder and chief executive officer of BlackRock, Inc....

Larry Fink’s pragmatism is awkward but lucrative

Larry Fink has found an idiosyncratic position in the culture wars swirling around environmental, social and governance investing. In his annual letter https://www.blackrock.com/corporate/investor-relations/larry-fink-ceo-letter to company chief executives, the BlackRock chief executive rejected criticisms that responsible stakeholder capitalism is “woke”, but also backed natural gas as an energy source. It risks leaving him in a sort of ideological no man’s land, but that’s a lucrative place to be.

FILE PHOTO: Antonio Horta-Osorio speaks at the British Chambers of Commerce...

Credit Suisse faces more upheaval after chairman's sudden exit

Credit Suisse will stick to its strategic overhaul despite the abrupt departure of its mastermind Antonio Horta-Osorio following an internal probe into his personal conduct, including breaches of COVID-19 rules, the bank's new chairman said on Monday.

FILE PHOTO: Antonio Horta-Osorio speaks at the British Chambers of Commerce...

New Credit Suisse chair has grim streak to break

Credit Suisse is proving something of a graveyard for the reputations of once high-flying international financiers. The Swiss bank announced https://www.credit-suisse.com/about-us-news/en/articles/media-releases/csg-bod-changes-202201.html on Monday that Chair António Horta-Osório had stepped down following a board investigation. It’s been less than a year since he arrived to stabilise the lender still reeling from the ousting of former Chief Executive Tidjane Thiam. New broom Axel Lehmann, a former UBS big wig, has to hope his reputation is more durable.

FILE PHOTO: JP Morgan CEO Jamie Dimon speaks in Boston

Wall Street is well fueled for a dog-eat-dog 2022

Big American banks are on a roll. JPMorgan and Citigroup on Friday reported record full-year https://jpmorganchaseco.gcs-web.com/static-files/71d42762-a4d9-435b-9486-b7327e378dca earnings https://www.citigroup.com/citi/news/2022/fourth-quarter-2021-earnings.htm for 2021. Wells Fargo might have too, had regulators not forced it to shrink. Customers and financial markets were exceptionally cooperative in 2021 and will probably continue to be so in 2022. But after a period playing on the same side, the lenders’ chief problem is now each other.

FILE PHOTO: JP Morgan CEO Jamie Dimon speaks in Boston

Wall Street is well fueled for a dog-eat-dog 2022

Big American banks are on a roll. JPMorgan and Citigroup on Friday reported record full-year https://jpmorganchaseco.gcs-web.com/static-files/71d42762-a4d9-435b-9486-b7327e378dca earnings https://www.citigroup.com/citi/news/2022/fourth-quarter-2021-earnings.htm for 2021. Wells Fargo might have too, had regulators not forced it to shrink. Customers and financial markets were exceptionally cooperative in 2021 and will probably continue to be so in 2022. But after a period playing on the same side, the lenders’ chief problem is now each other.

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