Dallas, Texas 07/25/2013 (Financialstrend) – A source close to the bank said that Morgan Stanley plans to depart trading in some commodities market, remained dedicated to oil trading and had no plans to economize its oil trading operations, one of the larges among banks.
North Sea Oil derivatives traders, Pasi Siitonen and Simon Hutchinson who have worked for several years for Morgan Stanley have left the bank in the last few days.
Recently Morgan Stanley (NYSE:MS) had announced its commodities business improved in the 3 months to June from two previous miserable quarters, helped by upper client activity in power and gas and also swings in precious metals prices.
It also said that the oil liquids market, which has conventionally been the most significant driver of its commodities business, continued to function at historically low levels.
Morgan Stanley (NYSE:MS) had lost 0.29% on Wednesday to close at $27.73 per share, after opening the day at a price of $27.92 per share. The stock had through the day moved with prices fluctuating between $27.57 and $27.98 per share. The company presently has 52 week low at $12.41 and 52 week high at $27.98. The institutional holding is at 62% and there are 1.96 billion shares outstanding in the market with a market cap of the stock presently at $54.33 billion.
Morgan Stanley (NYSE:MS) is a global financial services firm which provides the company’s products and services to a wide range of clients and customers, which include corporations, individuals and financial institutions. The firm is a financial holding enterprise. Morgan Stanley operates in 3 segments. They are Institutional Securities, Global Wealth Management Group and also Asset Management. The organization offers financial advisory and capital raising services to a group of corporate and other institutional clients throughout the world. MS’s Global Wealth Management Group had $1,649 billion in client assets as of December 31, 2011.