Morgan Stanley

Even with the declines, Morgan Stanley joined the biggest U.S. banks in surpassing trading expectations.

Glen Point co-founder Neil Phillips, whose trial begins Monday in Manhattan federal court, is accused of defrauding Morgan Stanley as the counterparty on a $20 million option pegged to a "barrier" exchange rate between the U.S. dollar and South African rand.

Outgoing CEO James Gorman, who is set to become the investment bank's executive chairman, said he has no plans to ditch virtual annual meetings. He also argued that earnings should be reported twice each year, rather than quarterly.

Earlier this week, Wilson and his team of strategists said in a note that they expect S&P earnings to drop 16%, compared to predictions for a decline of just 2.4% for 2023 from sell-side analysts who have boosted their earnings expectations.

Potential uses for banks include risk analysis, investment portfolio construction and financial crime monitoring.

The banking and trading group is expected to shoulder many of the reductions, which come a few months after the firm trimmed about 2% of its workforce.

Wealth management lifted the firm's bottom line, as the unit's revenues rose 11% over the past year and it hauled in assets across multiple channels.

Three men are widely considered the longtime CEO's slate of replacements.

Morgan Stanley will pay $35 million to settle Securities and Exchange Commission allegations that one of its units failed to secure the personal data of millions of customers when replacing company hard drives and servers.