Morgan Stanley’s wealth business continues to be a winner despite the difficult market conditions. It is proving itself to be a bit more insulated compared to other banks as managing rich people’s money provides a steady stream of fees. However, some of their competition has not been so lucky. Goldman Sachs is facing multiple issues while firms like Silicon Valley Bank and Signature Bank have been completely shut down. Credit Suisse has been a key player in the industry, but has also been unable to keep up in the current landscape. UBS is having to shoulder the burden of this crisis, taking on Credit Suisse’s responsibilities. To make matters worse, one of Morgan Stanley’s main rivals, First Republic, seems to be on its last legs.
Enter Insider’s Hayley Cuccinello’s report detailing how Morgan Stanley has managed to benefit from First Republic’s declining state. Advisor’s looking for an exit from First Republic have been able to take advantage of the circumstances, thus allowing Morgan Stanley to scoop them up for a discount. Complimenting this, the bank has been able to offer loan payment incentive to prospective employees. This proves to be a great retention method as advisors are less likely to leave the firm once they have joined.
In other news, PE firm Carlyle recently featured a leadership program run by four-star Admiral James Stavridis, providing an insight into what are the necessary qualities of a good leader. Fintechs have also been warned to be more picky about the customers they acquire while investors are warned they might be in for a shock if a predicted recession does not come. OpenAI has revolutionized the use of artificial intelligence and is planning on a greater impact in the future. JPMorgan’s recent jobs mandate has made its employees furious, speaking out against this decision in an internal forum. Meanwhile, Buy Now, Pay Later (BNPL) companies are being given a saving grace with the use of ChatGPT. Last but not least, Starbucks orders will never be the same with the tips from a former barista as well as advice from a dominatrix for spicing the bedroom.
Morgan Stanley is a global financial services company, founded in 1935 and headquartered in New York City. It provides a variety of services such as investment banking, asset management, and wealth management. It is one of the largest financial services firms in the world, and it is also one of the 30 companies that make up the Dow Jones Industrial Average.
Sam Altman is the CEO of OpenAI, an artificial intelligence research laboratory he co-founded in 2015. He is a notable tech entrepreneur and investor, having founded Loopt and Y Combinator. He is passionate about the potential of artificial intelligence, and has invested heavily in the technology, including a $1 billion investment in artificial general intelligence. He believes that AI has a huge potential to solve complex problems, but it must be implemented in a responsible way.
