Morgan Stanley

Commercial-property sales have come under pressure over the past year as borrowing rates soared and values plummeted. Sellers and borrowers have often struggled to agree on pricing, given uncertainty around where values sit today.

The bank is trying to reach women and investors from groups that wouldn't traditionally have done business with the white-shoe firm in years past, Alice Milligan said on a marketing panel.

The outcome of the case could be an added wrinkle for those banks that have expanded their headcounts in Paris after Brexit.

The bonuses were paid to incoming Chief Executive Officer Ted Pick and his two deputies, Andy Saperstein and Dan Simkowitz. 

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.