Michael Klein, Morgan Stanley, John Cruise discussed on Bloomberg Surveillance
Automatic TRANSCRIPT
And as we've been reporting, Morgan Stanley chief operating officer, John cruise, a longtime lieutenant to James Gorman in once considered a potential candidate to succeed him as chief executive, is exiting the firm. Meanwhile, futures this morning are moving higher with S&P futures up about 19 points, down features of a 116 and NASDAQ futures up 62. And this update is brought to you by interactive brokers interactive brokers charges Martin long rates from 4.83% to 5.83% rate subject to change, learn more at IBKR dot com slash compare. The ten year treasury is down four third 8 seconds, the yield 3.57% that yield on the two year 4.23%. Nymex crude oil is up 2.9% of $2 12 cents at $75 89 cents a barrel. Comex gold F 6 10% or $11 30 cents in 1881 ounce, the Euro one 7 two zero against the dollar, British found 1.2165, the yen one 31.95, and Bitcoin is F 1.6%. It's at about $17,200. And that's a Bloomberg business flash, Tom and Paul. Sharon, thanks so much for keen and now a two hour conversation with Chanel basic our chief financial correspondent stories today. Let's go through and we've already done gold in three times this morning. We're going to go buy that 3000 plus people out the door today. He's been brilliant on it. She not arrive has been brilliant at it. One question, Credit Suisse is taken out Michael Klein shop. I thought Michael Klein was taken out Credit Suisse. So Michael Klein, remember very senior banker at Citigroup for a long time, kind of lost out for the CEO candidate. Went off, started his own advisory shop. It's small. It's only a couple dozen people, according to my sources. With that said, it's been very powerful because they have strong relationships across the entire world. Is he going to be credit? We got to go to Morgan Stanley. Is he going to be Credit Suisse first Boston? Yeah, there's more than just that because there's an existing investment bank, but they're merging it. And he's supposed to lead that firm. So this is in addition to this. A great deal for Michael Clement. That barely describes it. Exactly. He gets bought out of his firm, put in charge of credit Swiss versus Boston. We'll get stock there. Wait, it just shows you how desperate credit Swiss is to get this thing out. Well, let's see if they can pay the hundreds of millions of dollars to get it done, remember. They're in a crunch themselves. Let's see if they if they get any pushback. What we're going to do here folks is talk gossip and Wall Street. And I want to make clear I more than anyone can't stand this. Should I live this every day with a battle about it? We're barely on speaking terms. Except this time it matters. The CFO Eaton Vance guy at Morgan Stanley, the COO out of tufts, lifer for Gorman. Totally. Finally, out the door, John Cruz and exits. I cut to the chase. Where's he going? That's a great question. There is a couple of positions open that are very notable. I guess the first thing I had in my mind is Carlisle is without a CEO. And has the perfect resume. But unclear, they have speculation. Congratulations. I mean, come on, you just think about what makes sense. And John cruzan remember he was, let's give him a little bit of a victory lap here. He was the banker to the banks. He was a huge presence in 2008, not just in Morgan Stanley's own ability to make it through a time where they almost didn't make it. He also helped restructure banks across the country, became the CFO of Morgan Stanley. Remember that's a role now Ruth porat was previously in that she went to a small tech firm in the West Coast. Exactly known as Alphabet. And so West Coast. I mean, John Cruz and I've been on this job for 9 years. I've watched him each of those 9. He was always a shooting star. And so his next act was always going to be exciting. For anybody watching this space. All right, so at Morgan Stanley, house the bench there. And do we have any type of Succession concerns brewing there? So not concerns. Remember in the last year we have two potential candidates for CEO leaving the bank that is Shelley O'Connor, who was the head of the U.S. bank, one of the heads of the wealth management business really senior female family. You now have John poos down leaving, but the eyes were really always on two people. Ted pick, who runs the institutional securities business, and Andy saperstein, who runs wealth. And Andy is more of a Gorman guy, if that makes sense. It is 64. He's a young, I mean, I know he's listening. Good morning, gentlemen, from Australia. There's some time for Gorman to suss out what the next phase is. And he's done some huge things. Those two big deals in Vance and E trade. So they're being integrated, it's moving along, maybe see it through the next tough year or so, but these two men are very clearly being primed for the top spot, and the question then becomes who gets it. And I've got to say if you meet up with somebody at Morgan Stanley, it is constantly a conversation. It is something that comes up in every lunch drink and dinner. So at Morgan Stanley, we're looking at the stock down, only 13% over the trailing 12 months. So, you know, better than the market