All articles tagged with #morganstanley
Robinhood (HOOD) dropped about 2% as reports said Morgan Stanley’s E*TRADE will route much of SpaceX’s upcoming IPO to retail investors, potentially sidelining Robinhood from what could be the biggest IPO ever. SpaceX aims to raise roughly $75 billion at a $1.75 trillion valuation; while HOOD is still viewed positively by some analysts, exclusion from underwriting could limit its participation in the deal.
Morgan Stanley reportedly cut about 3% of its global workforce, with insiders saying the reductions target back-office roles in investing and wealth management to be replaced by AI bots, despite the firm’s claim that the cuts reflect shifting priorities and performance. The piece notes chatter of a ChatGPT-powered initiative in wealth management and suggests broader Wall Street adoption of AI-driven cuts. It also includes a separate anecdote about a marketing executive stranded in Doha during a regional conflict.
Morgan Stanley Executive Chair James Gorman has expressed his view that Bitcoin is a speculative asset but not a fad, and is here to stay. Despite not seeing it as a store of value or a core investment, he acknowledges its persistence in the financial landscape. The discussion around the potential approval of a spot Bitcoin ETF is intensifying, with industry experts predicting it could lead to increased institutional and high-net-worth investor demand, and pave the way for broader market participation, including retirement funds.