morgan stanley

Morgan Stanley's board had a limited number of internal names, and yet interviewed no external candidates.

Several of Morgan Stanley's hedge fund clientele said they were likely to return to the bank once markets stabilises.

In June, when CIC bought more Morgan Stanley shares, it said the deal 'further strengthened' ties in a relationship it called 'excellent. '

Morgan Stanley said on Wednesday that it is in a year of transition. What that means for the company and John Mack is not clear.

But it has instead emerged, along with Morgan Stanley, in the last pair of large investment banks standing.

"In essence there was no specific approval given [by Morgan Stanley], " he said.

Morgan Stanley borrowed more, as its chief, John Mack, was complaining that the bank was target of speculators betting it would fail.

Stephen Roach, Morgan Stanley's Asia chairman, agreed it would be "a long slog" over the next three years.

US banks including Morgan Stanley, JPMorgan and Citigroup are trying to strike deals with local partners that are amenable to Beijing.

It is not clear how much money Huawei could raise from a sale of a stake in the division, which is being arranged by Morgan Stanley.

Morgan Stanley's bottom line would also be eviscerated, with 40% of its investment banking revenue impacted by a strong Volcker Rule.

On Monday, an MUFG spokesman said the company wishes to partner with Morgan Stanley across a wide range of investing activities.

When trading opportunities picked up in the second quarter, Goldman Sachs took advantage and Morgan Stanley did not.

Morgan Stanley Huaxin Fund, said the company in 2009 will focus on new materials, new energy equipment and many other growth industries.

There seems to be a bit of a debate going on between economists Stephen Roach, from Morgan Stanley, and Nobel Laureate Paul Krugman.

Although the firms condemn the rumour-mongering, stories that Morgan Stanley was looking for a partner continued to swirl.

Folding Morgan Stanley or Goldman into a large commercial bank could make for a safer company, but a less nimble one.

A trader at a rival firm said the Morgan Stanley trader had been involved in short-term trading over credit index options on the CDX index.

"We wouldn't be surprised to see this third quarter GDP number revised up a bit, " said Melanie Baker at Morgan Stanley.

Morgan Stanley officials were not in merger talks as of late Tuesday, CNBC said, citing unnamed people close to the matter.

Morgan Stanley now is trying to redefine itself as a firm that advises investors and companies, taking fewer risks on its own balance sheet.

It seems to me that Goldman and Morgan Stanley have two options.

"Korean yards seem to be losing out to Chinese yards in order-taking this year, " Morgan Stanley said in a recent report.

Citigroup and Morgan Stanley are headquartered in midtown -- far from the dark downtown tunnels of the financial district.

Morgan Stanley is pushing ahead with a return to the business, hoping to raise up to $5 billion in a buy-out fund.

People with direct knowledge of the matter said first-round bids for Morgan Stanley's stake are due on Tuesday.

When I left Morgan Stanley, David told me to make it count because you could only leave a firm that reputable once.

Morgan Stanley's Wang said he expects the weakening of the Chinese currency against the dollar to be temporary.

The comments were "offensive, highly unprofessional and do not reflect industry practices, " Morgan Stanley said in an e- mailed statement.

If only a modicum of calm returned to markets, Morgan Stanley and Goldman Sachs should be able to survive.

Robert Feldman, economist at Morgan Stanley, said Mr Abe was more committed to a market-oriented view of the economy than people realised.

Morgan Stanley is the only one of the five biggest US investment banks to report a rise in fixed-income revenue from the first quarter.

Stephen Roach, Asia chairman for Morgan Stanley, said the figures showed the recovery was intact but heavily dependent on investment.

"Soaring grain prices have brought food inflation back to centre stage, " said Joachim Fels of Morgan Stanley in London.

Rival investment banks are exploiting the upheaval at Morgan Stanley by trying to poach staff and clients.

Morgan Stanley struggled for years to exit its JV with China International Capital Corp after falling out with the local management.

Morgan Stanley suspended Mr Du on May 22 2007, pending an internal investigation, and he left the company less than a month later.

At the time, Mr Du was part of a Morgan Stanley team that advised Citic Resources on the transaction and a related bond offer.

Morgan Stanley's Global Monetary Analyst report is now seeing possible stagflation around the globe in a manner similar to the 1970s.

At least investors will doubt its existence : whether to conduct the purchase Morgan Stanley Group manufacturing decimating profits?

Steve has been a tremendous asset to Morgan Stanley and is a world renowned influential thought leader.

Mr. Gorman of Morgan Stanley said, "I would hope retail investors don't pile into the market at this point, but step in cautiously. "

Integrating Morgan Stanley Smith Barney is still one of the biggest challenges facing the firm, analysts said.

Gavin MacDonald, European head of M& A at Morgan Stanley said the outlook for corporate deals still looked positive.

Other banks, including Morgan Stanley and Washington Mutual, looked as if they would suffer the same fate.

So far, Morgan Stanley estimates that about $123bn of these defaulted CDOs have been liquidated.

Goldman -- and to a lesser extent, Morgan Stanley -- has maneuvered through the credit crisis better than other investment banks.

"The figures are considerably better than expected, and that's across the board, " said Elga Bartsch, economist at Morgan Stanley.

"Neither side at this point has a clear fiscal reform strategy, " said Robert Feldman, chief economist at Morgan Stanley in Tokyo.

Morgan Stanley has already said it plans to double the number of its private bankers in the region in the next three years.

"Despite the dark policy backdrop, not all is bad, " said Joachim Fels, head of global economics at Morgan Stanley.

Of these, Morgan Stanley has the least cause for worry, since its swaps already sit in a non-bank subsidiary (see chart).

With this uncertainty looming, Morgan Stanley and Goldman might decide selling out to a bigger bank is better for shareholders.

That had been a key reason for its $9 billion investment in Morgan Stanley last fall.

Morgan Stanley is finally close to getting out of that deal so it can try entering a new one where it might exercise more influence.

Morgan Stanley has already made a healthy return on its $35m initial investment, at least tripling its money.

'Inflation expectations are creeping up, ' said Spyros Andreopoulos, global economist at Morgan Stanley in London.

Dozens of new managers have been brought in, some of them old colleagues of Mr Pandit's from his days at Morgan Stanley.

Mr Pandit's closest lieutenants have all come from Morgan Stanley, his own former employer, or other outside companies.

Traditionally, Bear Stearns, Goldman Sachs and Morgan Stanley have had the dominant prime brokerage units both in the US and overseas.

Of course, the Morgan Stanley analysts could wind up to be too optimistic.

Tommy told me to watch the position, which effectively meant that I had my first -- albeit meager -- trading position at Morgan Stanley.

Morgan Stanley pays bonuses in cash, but places the cash in a restricted account where it can't be used for a certain number of years.

Morgan Stanley CEO James Gorman will do an about-face on the bank's 'lower risk' corporate nike jordan shoes strategy.

There is at least one other new investor along with T. Rowe Price, Fidelity and Morgan Stanley, said this person. .

CIC's investment can be converted into a 9. 9% stake to Morgan Stanley in a few years.

The investment in Morgan Stanley, done at a time of stress, was far more opportunistic than the Blackstone deal.

Goldman Sachs and Morgan Stanley, the only remaining independent investment banks, changed their status to become ordinary commercial banks.

Morgan Stanley's share price recovered somewhat after fears about the bank's exposure to Europe unnerved investors.

He said it was unlikely that CIC would pull out of institutions such as Morgan Stanley and Blackstone because it would lose too much money.

As Stephen Jen, an economist at Morgan Stanley, points out, in a crisis "bad things happen to good countries" .

More recently Morgan Stanley promised so much pay in its latest quarter that it almost made an underlying loss.

"The parties have resolved the dispute between them to their mutual satisfaction, " said Morgan Stanley.

Morgan Stanley has estimated peak annual sales for MAP0004 of around $250 million and said UDB could see sales of $500 million a year.

But like the Blackstone deal, the investment in Morgan Stanley would almost certainly have required State Council approval.

Morgan Stanley said it did not foresee any political or regulatory concerns about the investment.

Significantly, Morgan Stanley chose to bet against its own product, and by extension against the customers to whom it was selling it.

Banks like Goldman Sachs (GS) or Morgan Stanley (MS) do not raise funds through deposits but instead sell securities to private investors.

China's sovereign-wealth fund has lost plenty of money on its year-old Blackstone stake and on its investment in Morgan Stanley.

If it falls to parity against the dollar, Morgan Stanley estimates it would knock 4 percentage points from H&M's gross margin.

Morgan Stanley declined to discuss whether it was seeing any new interest from clients as a result of the charges facing Goldman.

A large number of the proposed SEZs are tiny: out of the total of 267, Morgan Stanley has calculated that 133 are less than 1 sq km in size.

But people familiar with the situation say he soon fell out with senior partners at Morgan Stanley.

If Morgan Stanley issues stock in a new company, it charges the company a commission of around seven per cent.

Morgan Stanley CEO James Gorman will do an about-face on the bank's 'lower risk' corporate strategy.

"It was an important deal for Morgan Stanley given the nature of the client, " said Mr Jayaram.

Wang worked as a vice president in Morgan Stanley's finance department and Chen was a vice president at ING Investment Management Americas.

Although the cables do not mention if Geithner took any action, China's deal to buy Morgan Stanley shares was announced the very next day.

I walked from the office, took the elevator downstairs, exited Morgan Stanley's offices and turned the corner.

But Jerry Lou, equity strategist at Morgan Stanley, was more pessimistic.

Earlier Tuesday, Morgan Stanley issued a note declaring the rally in stocks done, at least for now.

In the first quarter, Morgan Stanley's overall compensation and benefits fell about 45% from a year earlier.

Yet Mr Zhu has undeniably built a business and made money for his shareholders, including Morgan Stanley.

Management's demands did not bode well for Morgan Stanley's efforts to shed CICC.

Citigroup and Bank of America (BofA) posted thumping quarterly losses. Morgan Stanley eked out a modest gain.

The head of his finance committee is William Strong, the vice chairman of Morgan Stanley in Chicago. But Mr.

Morgan Stanley's hopes of raising $1bn for its stake appeared to be dashed.

It approached several firms, including BofA and Morgan Stanley, but only BofA felt able to conduct the necessary due diligence in time.

Morgan Stanley helped design the deals and bet against them, but did not market them to clients, according to the paper.

Analysts at Morgan Stanley are so upbeat that they expect a secular boom in emerging market property over the next 10 years.

Morgan Stanley, which is selling the shares on behalf of the government, did not respond to a request for comment.

Grace Chen, analyst at Morgan Stanley, estimates the deal should lift Lenovo's PC shipments by 6 per cent a year.

The company says there are now plenty of potential investors and Morgan Stanley has agreed to take a 10 per cent stake in the project.

The grim findings come in a report by Morgan Stanley, the US investment bank, and Oliver Wyman, the financial services consultancy.

Within a few weeks some $40 billion was poured into distressed Western lenders, among them Citigroup, UBS, Morgan Stanley and Merrill Lynch.

In fact, too much has been made of China's under-consumption, economists at Morgan Stanley argued in a research note last week.

Yiwu market is called the "world's biggest wholesale market of commodities" by the United Nations, the World Bank and Morgan Stanley.

Morgan Stanley closed most of its prop trading units after experiencing heavy losses as a result of the mortgage meltdown in 2008.

You'd think the last thing Goldman Sachs and Morgan Stanley would choose to be called is a bank.

Sale of its CICC stake for about $1bn will produce a healthy profit on the initial investment of $37m Morgan Stanley made 15 years ago.

Stephen Roach, chairman of Morgan Stanley Asia, argues that the region's shift to better balanced growth is far from complete.

Greece 'is a shot across the bow, ' says Henry McVey, head of global macro and asset allocation at Morgan Stanley Investment Management.

Morgan Stanley ceased to be a stand-alone investment bank in 1997 when it merged with the consumer finance company Dean Witter.

Morgan Stanley (MS) has a great global investment-banking franchise and the largest retail brokerage force in the U. S.

Recently Morgan Stanley economists presented three keys to sustained recovery, and none of them relied on the consumer.

"The risk of a disorderly correction in the dollar is growing, " Stephen Roach, chairman of Morgan Stanley Asia told the conference.

Morgan Stanley said in a report that the iron ore market was under "unprecedented" pricing developments.

Morgan Stanley wanted to bet on casinos, but its exposure deepened when Revel wasn't able to line up financing.

Within a few months, according to Morgan Stanley, an investment bank, China will have more internet users than America, the current leader.

Morgan Stanley put about $500 million of its own money into the fund but wasn't part of the vote.

Associates at Morgan Stanley earned trophies, or "deal toys, " whenever they completed a deal, like say on an airplane company merger.

"The money supply is too large, " said Andy Xie, an economist based in Shanghai who formerly worked at Morgan Stanley.

Morgan Stanley and Citigroup each inked an agreement with a mainland partner, although neither has yet secured approval.

The move shows Morgan Stanley and other Wall Street firms acknowledge compensation was part of the problem that led to the financial crisis.

Goldman Sachs ranked as the top M& A adviser globally, in Europe and in Asia, while Morgan Stanley took pole position in the US.

But the door isn't completely shut, especially if Morgan Stanley stock continues to slide.

Goldman Sachs, Morgan Stanley and Bear Stearns are widely acknowledged to have the largest prime brokerage businesses.

Wang Qing, of Morgan Stanley, said headline inflation had already peaked even though April figures were above market expectations.

Morgan Stanley points to its involvement in a string of mainland deals this year.

Morgan Stanley said it would unveil details of its renminbi-denominated China private equity fund next week.

This morning, a Morgan Stanley spokeswoman said the investment bank wasn't in merger talks.

Morgan Stanley did not disclose the precise form 2010's deferred pay-outs would take.

It sounded easy but I quickly discovered that the skills I learned at Morgan Stanley weren't helpful on the buy side.

So Morgan Stanley lost a great deal of money.

"So much risk was concentrated in the same area, " said Jim Caron, co-head of global interest rate strategy at Morgan Stanley.

Among leading banks Citi and Morgan Stanley forecast for a modest rise as global economic activities may boost oil product demand.

The way business and government are intertwined in China, few would dare to refuse talking to a Morgan Stanley representative at the door.

Economists at Morgan Stanley measure the amount of cash circulating in the global economy as a percentage of total economic activity.

"They can no longer think of it as some bank's problem, not theirs, " says Caitlin Long of Morgan Stanley's corporate-strategies group.

But Robson's report, which was sent to Morgan Stanley's clients as a research note last Friday, suggested that such a move could be folly.

"The Fed is not out of bullets, " said David Greenlaw, chief U. S. economist at Morgan Stanley.

Morgan Stanley also agreed this week to sell up to 20% of itself to Japan's largest bank, Mitsubishi UFJ.

Just as with Abacus, Morgan Stanley's role was not disclosed to investors in the CDO.

The Shanghai-based company hired Morgan Stanley and Deutsche Bank last March to help sell a 20 per cent stake for an expected $500m.

After his first degree he did a PhD in finance and worked as a professor at Indiana University before joining Morgan Stanley.

Morgan Stanley's stock rose Wednesday, suggesting investors were willing to shrug off the quarter.

But a license has not been given to a U. S. bank in 6-years, so this is a significant coup for JPMorgan and Morgan Stanley.

The future of Goldman Sachs and Morgan Stanley, the last two independent investment banks, is now an open question.

They argue that the backing of CIC ought to reassure the market that Morgan Stanley has adequate resources to survive the current turmoil.

Morgan Stanley seemed to be leading the way on this transformation.

Morgan Stanley landed the project Jumbo mandate, in conjunction with Bear Stearns, but project Colorado was a failure.

There are sharply divided opinions about Mr Pandit among those who worked with him during his 22 years at Morgan Stanley.

So far two senior Morgan Stanley bankers have testified for the prosecution.

Executives at Morgan Stanley and Goldman Sachs say they were unaware of the share purchases and were not involved in the transactions.

Porat said Morgan Stanley is still confident the wealth business will help balance the firm's operations.

Goldman's reputation for risk management is excellent, Morgan Stanley's a bit patchier .

"People want representation right now, " Schutz said, adding Morgan Stanley is not facing the "same political headwinds" as Goldman.

Morgan Stanley, for instance, is increasing its complement to 450, nearly double the number it had in 2008.

Analysts at Morgan Stanley reckon that as a whole European banks have sold 90% of this year's required funding.

Of the five independent investment banks open for business at the start of the year, only Goldman and Morgan Stanley remain.

Wiktor Bielski, managing director mining at Morgan Stanley, said estimated steel demand was the key to determining iron ore prices.

People close to the situation said Morgan Stanley's staff will hear about the size and composition of their bonuses on Thursday.

The Morgan Stanley trading room was a massive labyrinth that occupied the entire floor of 1251 Avenue of the Americas.

Bill Lu, an analyst with Morgan Stanley, said doubts remained about whether the recovery could be sustained.

But since then Mr Pandit has moved several former Morgan Stanley colleagues to key roles in an effort to restore Citi's fortunes.

We're going to dress up as Wiseguys for Halloween. Flashy suits & cheap jewelry. #2: People will just think you work at Morgan Stanley.

Gorman, 51, turned Morgan Stanley's retail brokerage business, long a weak performer, into one of the most profitable in the industry.

Another senior executive said there was an important difference between Morgan Stanley and other troubled banks such as Citigroup and UBS.

Morgan Stanley had hoped to use its initial stake in CICC as a springboard to build its own local securities firm.

Goldman Sachs International, J. P. Morgan and Morgan Stanley are acting as Joint Global Coordinators and Joint Bookrunners of the Offering.

Among Wall Street banks, Morgan Stanley's shares were down more than 7 per cent and the cost of its credit protection rose.

The joint venture comes after Japan's largest bank, known as MUFG, invested $9 billion into Morgan Stanley last October.

Meanwhile Morgan Stanley gets capital without a wholesale takeover by the Japanese.

This year is particularly trying for Morgan Stanley because its employees endured a three-month battle over the leadership.

In the early nineteen-eighties, Goldman and Morgan Stanley were roughly the size of Evercore today.

Brazil is now officially the largest emerging market, as far as Morgan Stanley Capital International is concerned.

Financial terms of the Mitsubishi deal are subject to the Japanese bank's review of Morgan Stanley's assets.

For Morgan Stanley, the relative lack of job creation has a positive spin: it means that China's growth won't plunge as the population ages.

Mitsubishi UFJ took a stake in Morgan Stanley and seized control of an American retail bank.

Morgan Stanley's Stephen Roach, who has just returned to New York after three years in Asia, has long stressed India's potential.

"In the medium term, a renewables business depends on adding capacity to sustain growth, " argues Bobby Chada of Morgan Stanley.

Equities research analysts at Morgan Stanley upgraded shares of Citigroup from a " neutral " rating to an " overweight " .

Compared with Lehman or Morgan Stanley or other foreign banks, Mizuho is much stricter on the rules.

Suzhou was previously reported to have held talks with Morgan Stanley, the US investment banking group.

Morgan Stanley shares have risen more than 20 per cent since his return to the bank in June of 2005.

Colm Kelleher, Morgan Stanley's chief financial officer, said Mr. Gorman was 'a calming influence. '

Markets in Indonesia and elsewhere have failed to price in the impact of rising inflation, Morgan Stanley argues.

Citigroup, Goldman Sachs, Morgan Stanley and Deutsche Bank are the global coordinators for the AIA IPO.

"It could be another sign of rising inflationary expectations among consumers, " said Wang Qing, an economist at Morgan Stanley.

Sentiment was also hit after Morgan Stanley downgraded its rating on the stock from "overweight" to "underweight" .

Morgan Stanley notes that sector rotation so far this year is more than twice the previous five years' average.

Morgan Stanley's headline profit fell by 67% compared with a year earlier and at Goldman Sachs net income was down by 40%, to $1. 9 billion.

Prior to Morgan Stanley, he worked at Merrill Lynch, where he ran the company's retail brokerage.

Morgan Stanley wants to establish a new partnership to grant it the right to trade stocks and other securities on local Chinese markets.

Huw van Steenis at Morgan Stanley says that more banks now accept that an American-style stress test may be needed to restore confidence.

'We are uniquely positioned to succeed in this challenging environment, ' Morgan Stanley's Mr. Mack wrote in an employee memo Sunday.

These reflections are suggested by the first issue (August 25) of a new publication by Morgan Stanley called Sovereign Subjects.

Adam Parker, chief U. S. equity strategist at Morgan Stanley, says the dividend-stock rally has another three or four quarters to go.

The medium was also as critical as the message in generating buzz far beyond Morgan Stanley's clients.

When the tower collapsed, only 13 Morgan Stanley colleagues--including Rescorla and four of his security officers--were inside.

Morgan Stanley's moves appear to have been set in motion long before the current troubles hit Wall Street.

The fall in the prime minister's popularity "is not surprising" , says Robert Feldman, chief economist at Morgan Stanley in Tokyo.

Morgan Stanley refused to comment on the case beyond repeating the contents of its SEC filing.

Thus Morgan Stanley analysts conclude that the high-speed rail will create enough economic value to keep itself financially sustainable.

"Morgan Stanley is still having discussions on all fronts, " the source said.

By the end of September, Morgan Stanley had $91. 3bn of real estate assets under management globally, with $26. 5bn of that in Asia.

In response private banks are expanding into emerging markets and consolidating at home, says Huw van Steenis of Morgan Stanley.

Morgan Stanley needs to sell the CICC stake before local regulators entertain its plans for a new venture.

"We'll see a steady drip of dividend cuts as earnings declines accelerate, " said Graham Secker, strategist at Morgan Stanley.

Thus, China's announcement is a 'positive for financial markets, ' said Morgan Stanley in a research note.

The cost of transmitting the data, meanwhile, is falling by 50 percent with each new generation of wireless network, Morgan Stanley says.

On Wednesday shares in Morgan Stanley and the other remaining big investment bank, Goldman Sachs, took a hammering.

Citigroup has received $45 billion in taxpayer-funded capital so far, while Morgan Stanley has received $10 billion.

Morgan Stanley and JPMorgan dropped out of the top 100 completely.

Combined with his muscular personality, it was enough to change the culture of Morgan Stanley.

Morgan Stanley estimates that ETFs control some $487 billion of assets, up 16. 7% from a year ago.

Colm Kelleher, Morgan Stanley chief financial officer, outlined plans yesterday for a 10 per cent headcount reduction in the arm.

Mr. Peterson, who began working for Morgan Stanley in about 2003, was named a managing director at the company in 2007.

Stephen S. Roach, a senior fellow at the Jackson Institute for Global Affairs at Yale, is the non-executive chairman of Morgan Stanley Asia.

The company's $4. 7 billion Morgan Stanley Real Estate Fund VII Global is about 20% invested, one of the people said.

This week the last two, Goldman Sachs and Morgan Stanley, became bank holding companies.

Subprime lenders have also been scooped up by investment banks, including Morgan Stanley, Merrill Lynch and Deutsche Bank, in recent months.

Wrapping in the separate asset-management segment helps make a closer comparison with Goldman and Morgan Stanley.

For Morgan Stanley, that means monitoring even routine expenses much more closely, ranging from travel to mobile devices.

On Mack's watch, Morgan Stanley has made a string of strategic decisions that have proven costly.

The move reflects Morgan Stanley Chairman and Chief Executive John Mack's dissatisfaction with the bond-trading unit's recent results.

Now, incredibly, two of the bluest-chip names on Wall Street, Morgan Stanley and Goldman Sachs, are fighting for survival.

Goldman Sachs Group Inc. , Morgan Stanley and other top banks drafted their senior strategists to talk to worried clients.

Hussein Allidina, head of commodities research at Morgan Stanley in New York, said demand for the fibre was strong.

In the past two years, several big hedge fund managers floated or sold stakes to banks, including Lehman and Morgan Stanley.

If markets regain some composure Goldman and Morgan Stanley should benefit from reduced competition in investment banking.

Investors tried to reduce their exposures to two more big players in the market, Goldman Sachs and Morgan Stanley.

All we have seen so far are "baby steps" , says Morgan Stanley's Stephen Roach.

The plan would entail an ambitious expansion of Morgan Stanley's relatively small business for holding the deposits of banking customers.

Taking fewer chances with trading also might have cost Morgan Stanley business in the first quarter, according to some analysts.

"The recent property policies reversed market sentiment, " says Jerry Lou, China equity strategist at Morgan Stanley.

Wednesday's earnings reports from Wells Fargo and Morgan Stanley may close the circle on a brief moment of glory for financials.

Morgan Stanley predicts Amazon's revenue will hit $100 billion in 2015, a journey that promises to be a page-turner.

Morgan Stanley yesterday named ARM as one of its top picks for chipmakers in 2011.

Morgan Stanley's shares tumbled by 25% on Thursday as investors once again bet that its days as an independent firm are numbered.

Morgan Stanley said last month that its commodity results reflected 'lower levels of client activity and market volatility. '

Stephen Roach, the famously gloomy chief economist at Morgan Stanley, recently called subprime mortgages the new dotcoms.

JPMorgan Chase (JPM) and Morgan Stanley (MS) received Chinese regulatory approval for investment banking in January.

Investors, says the Morgan Stanley report, must understand the imminent structural changes and take positions today.

Chemoil, Morgan Stanley and Glencore spokesmen declined to comment on the deal. Vitol was not available to comment.

'The bulls are looking for things to justify higher oil prices, ' says Hussein Allidina, a commodity researcher with Morgan Stanley.

Morgan Stanley has put Sonny Kalsi, its global head of real estate investing, on administrative leave effective immediately.

"But the king does not crown himself, " says Jerry Lou, China strategist at Morgan Stanley in Shanghai.

"The key issue is what scenario the banks would need to be recapped for, " says Huw van Steenis of Morgan Stanley.

They have made progress on the issue, making it easier for Morgan Stanley to sell the stake and giving more certainty to potential buyers.