48-535: First Citizens Bancshares, Inc. is a bank holding company based in Raleigh, North Carolina and one of the largest banks in the United States . Its primary subsidiary is First Citizens Bank , which operates over 500 branches in 23 states. A second subsidiary is Silicon Valley Bank , which operates 39 offices in 15 states. For three generations, the bank has been led by the family of Robert Powell Holding, who joined
96-478: A direct air capture startup company, for an undisclosed price. The company's 3 divisions are as follows: Morgan Stanley's Institutional Securities is the most profitable business segment. This business segment provides institutions with investment banking services such as capital raising and financial advisory services such as mergers and acquisitions advisory, restructurings, real estate and project finance, and corporate lending. The segment also encompasses
144-696: A $ 1.4 billion settlement of a suit brought by Eliot Spitzer , the Attorney General of New York , the National Association of Securities Dealers (now the Financial Industry Regulatory Authority (FINRA)), the United States Securities and Exchange Commission (SEC), and a number of state securities regulators, relating to intentionally misleading research motivated by a desire to win investment banking business with
192-538: A 42% slide in its share price in two days. CEO John J. Mack wrote in a memo to staff "we're in the midst of a market controlled by fear and rumours and short-sellers are driving our stock down." By September 19, 2008, the share price had slid 57% in four days, and the company was said to have explored merger possibilities with CITIC , Wachovia , HSBC , Standard Chartered , Banco Santander and Nomura . At one point, Hank Paulson offered Morgan Stanley to JPMorgan Chase at no cost, but JPMorgan's Jamie Dimon refused
240-674: A US$ 9 billion physical check, the largest amount written via physical check at the time. The physical check was accepted by Robert A. Kindler , Global Head of Mergers and Acquisitions and Vice Chairman of Morgan Stanley, at the offices of Wachtell Lipton . Concerns over the completion of the Mitsubishi deal during the October 2008 stock market volatility caused a dramatic fall in Morgan Stanley's stock price to levels last seen in 1994. It recovered once Mitsubishi UFJ's 21% stake in Morgan Stanley
288-556: A bank". All bank holding companies in the US are required to register with the Board of Governors of the Federal Reserve System . The Federal Reserve Board of Governors , under Regulation Y ( 12 CFR 225 ) has responsibility for regulating and supervising bank holding company activities, such as establishing capital standards , approving mergers and acquisitions and inspecting
336-466: A deal announced in October 2020. With the addition of Eaton Vance, Morgan Stanley now had $ 5.4 trillion of client assets across its Wealth Management and Investment Management segments. Morgan Stanley is mainly owned by institutional investors, who own around 60% of shares. The largest shareholders in December 2023 were: In 2003, Morgan Stanley agreed to pay $ 125 million to settle its portion of
384-413: A highly public campaign by former Morgan Stanley partners threatened to damage the firm and challenged his refusal to aggressively increase leverage, increase risk, enter the sub-prime mortgage business and make expensive acquisitions; the same strategies that forced Morgan Stanley into massive write-downs, related to the subprime mortgage crisis , by 2007. On December 19, 2006, Morgan Stanley announced
432-535: A partnership with Longchamp Asset Management, a French-based asset manager that specializes in the distribution of UCITS hedge funds, and La Française AM, a multi-specialist asset manager with a 10-year track record in alternative investments. In March 2018, Morgan Stanley acquired Mesa West, a leading U.S. commercial real estate credit platform, adding to its existing investment strategies and product offerings across real assets and private credit. In March 2021, Morgan Stanley completed its acquisition of Eaton Vance ,
480-469: A tax free basis, borrow money, acquire other banks and non-bank entities more easily, and issue stock with greater regulatory ease. It also has a greater legal authority to conduct share repurchases of its own stock. The downside includes responding to additional regulatory authorities, especially if there are more than 2,000 shareholders (note: prior to the Jobs Act or Jumpstart Our Business Startups Act ,
528-511: Is a company that controls one or more banks , but does not necessarily engage in banking itself. The compound bancorp ( banc / bank + corp[oration] ) or bancorporation is often used to refer to these companies as well. In the United States, a bank holding company , as provided by the Bank Holding Company Act of 1956 ( 12 U.S.C. § 1841 et seq. ), is broadly defined as "any company that has control over
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#1732855216326576-479: Is the 15th largest bank in the United States, with $ 221 billion in assets and $ 152 billion in deposits and $ 88 billion in liquidity. First Citizens Bancshares made its debut on the Fortune 500 list in 2024, ranking 182nd overall. The bank was also named by American Banker in 2024 as the top-performing large bank, among banks with at least $ 50 billion of assets. Bank holding company A bank holding company
624-467: The 2007–2008 financial crisis . In March 2021, Morgan Stanley completed its acquisition of Eaton Vance , a deal announced in October 2020. With the addition of Eaton Vance, Morgan Stanley now had $ 5.4 trillion of client assets across its Wealth Management and Investment Management segments. The firm conducted layoffs in December 2022, and Bloomberg announced the firm expected more layoffs in mid-2023. On May 2, 2023, an individual familiar with
672-533: The Federal Reserve 's credit facilities. Morgan Stanley Morgan Stanley is an American multinational investment bank and financial services company headquartered at 1585 Broadway in Midtown Manhattan , New York City. With offices in 41 countries and more than 90,000 employees, the firm's clients include corporations, governments, institutions, and individuals. Morgan Stanley ranked No. 61 in
720-522: The U.S. Congress passed the Glass–Steagall Act in 1933, it was no longer possible for a corporation to have investment banking and commercial banking businesses under a single holding entity. J.P. Morgan & Co. chose the commercial banking business over the investment banking business. As a result, some of the employees of J.P. Morgan & Co., most notably Henry S. Morgan and Harold Stanley , left J.P. Morgan & Co. and joined others from
768-703: The World Trade Center , and was the largest tenant of the WTC complex. Most of these offices had been inherited from Dean Witter which had occupied the space since the mid-1980s. The firm lost 13 employees during the September 11 attacks in 2001 (Thomas F. Swift, Wesley Mercer, Jennifer de Jesus, Joseph DiPilato, Nolbert Salomon, Godwin Forde, Steve R. Strauss, Lindsay C. Herkness, Albert Joseph, Jorge Velazquez, Titus Davidson, Charles Laurencin and Security Director Rick Rescorla ) in
816-459: The 2023 Fortune 500 list of the largest United States corporations by total revenue and in the same year ranked #30 in Forbes Global 2000 . The original Morgan Stanley, formed by J.P. Morgan & Co. partners Henry Sturgis Morgan (a grandson of J.P. Morgan ), Harold Stanley , and others, came into existence on September 16, 1935, in response to the Glass–Steagall Act , which required
864-522: The Drexel partners to form Morgan Stanley. The firm formally opened its doors for business on September 16, 1935, at 2 Wall Street , New York City, just down the street from J.P. Morgan. The firm was involved with the distribution of 1938 US$ 100 million (~$ 1.7 billion in 2023) of debentures for the United States Steel Corporation as the lead underwriter . The firm also obtained
912-707: The Equities and the Fixed Income divisions of the firm; trading is anticipated to maintain its position as the "engine room" of the company. Among the major U.S. banks, Morgan Stanley sources the highest portion of revenues from fixed-income underwriting, which was reported at 6.0% of total revenue in FY12. The Global Wealth Management Group provides stockbrokerage and investment advisory services. This segment provides financial and wealth planning services to its clients, who are primarily high-net-worth individuals. On January 13, 2009,
960-572: The Global Wealth Management Group was merged with Citi's Smith Barney to form Morgan Stanley Smith Barney. Morgan Stanley owned 51% of the entity, and Citi held 49%. On May 31, 2012, Morgan Stanley exercised its option to purchase an additional 14% of the joint venture from Citi. In June 2013, Morgan Stanley stated it had secured all regulatory approvals to buy Citigroup's remaining 35% stake in Smith Barney and would proceed to finalize
1008-591: The Morgan & Cie, International in Paris in an attempt to enter the European securities market. The firm acquired Brooks, Harvey & Co., Inc. in 1967 and established a presence in the real estate business. The sales and trading business is believed to be the brainchild of Bob Baldwin. In 1996, Morgan Stanley acquired Van Kampen American Capital. On February 5, 1997, the company merged with Dean Witter Discover & Co. ,
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#17328552163261056-538: The Morgan Stanley and Van Kampen brands until 2009. On October 19, 2009, Morgan Stanley announced that it would sell Van Kampen to Invesco for $ 1.5 billion (~$ 2.07 billion in 2023), but would retain the Morgan Stanley brand. It provides asset management products and services to institutional investors worldwide, including pension plans, corporations, private funds, non-profit organizations, foundations, endowments, governmental agencies, insurance companies and banks. On September 29, 2013, Morgan Stanley announced
1104-525: The US$ 250 ;million AT&T's debt offering. Morgan Stanley credits itself with having created the first viable computer model for financial analysis in 1962, thereby starting a new trend in the field of financial analysis. Future president and chairman Dick Fisher contributed to the computer model as a young employee, learning the Fortran and COBOL programming languages at IBM . In 1967, it established
1152-456: The area. In December 2015, it was reported that Morgan Stanley would be cutting around 25 percent of its fixed income jobs before month end. In January 2016, the company reported that it had offices in "more than" 43 countries. In October 2020, the company completed its acquisition of E*Trade , a deal announced in February 2020 for $ 13 billion, the biggest acquisition by a U.S. bank since
1200-418: The bank in 1918 and served as president from 1935 to 1957. The bank opened on March 1, 1898 as Bank of Smithfield . It evolved into First National Bank of Smithfield and merged with Citizens National Bank to become First and Citizens National Bank. In 1929, it changed its name to First Citizens Bank and Trust Company. In 1986, it reorganized as a holding company , First Citizens BancShares, Inc. As of 2024, it
1248-841: The chairman and CEO of the newly merged "Morgan Stanley Dean Witter Discover & Co." The new firm changed its name back to "Morgan Stanley" in 2001. The main areas of business for the firm today are institutional securities , wealth management and investment management . The bank is considered systemically important by the Financial Stability Board . Morgan Stanley is a financial services corporation that, through its affiliates and subsidiaries, advises, and originates, trades, manages, and distributes capital for institutions, governments, and individuals. The company operates in three business segments: Institutional Securities, Wealth Management, and Investment Management. Morgan Stanley traces its roots to J.P. Morgan & Co. After
1296-614: The companies covered. In 2004, Morgan Stanley settled a sex discrimination suit brought by the Equal Employment Opportunity Commission for $ 54 million (~$ 83.5 million in 2023). In 2007, the firm agreed to pay $ 46 million (~$ 65.1 million in 2023) to settle a class action lawsuit brought by eight female brokers. In July 2004, the firm paid NASD a $ 2.2 million (~$ 3.4 million in 2023) fine for more than 1,800 late disclosures of reportable information about its brokers. In September 2004,
1344-788: The deal. In February 2019, the company announced the acquisition of Solium Capital, a manager of employee stock plans, for $ 900 million (~$ 1.06 billion in 2023). In October 2020, the company completed its acquisition of E-Trade , a deal announced in February 2020 for $ 13 billion, the biggest acquisition by a U.S. bank since the 2007–2008 financial crisis . Investment Management provides asset management products and services in equity, fixed income, alternative investments, real estate investment, and private equity to institutional and retail clients through third-party retail distribution channels, intermediaries and Morgan Stanley's institutional distribution channel. Morgan Stanley's asset management activities were principally conducted under
1392-552: The distinction of being the lead syndicate in the 1939 U.S. rail financing. The firm went through a reorganization in 1941 to allow for more activity in its securities business. The firm was led by Perry Hall, the last founder to lead Morgan Stanley, from 1951 until 1961. During this period, the firm co-managed the World Bank's triple-A-rated bonds offering of 1952, as well as coming up with General Motors ' US$ 300 million debt issue, US$ 231 million IBM stock offering, and
1440-487: The firm paid a $ 19 million (~$ 29.4 million in 2023) fine imposed by NYSE for failure to deliver prospectuses to customers in registered offerings, inaccurate reporting of certain program trading information, short sale violations, failures to fingerprint new employees and failure to timely file exchange forms. The New York Stock Exchange imposed a $ 19 million (~$ 28.5 million in 2023) fine on January 12, 2005, for alleged regulatory and supervisory lapses. At
1488-619: The judge as a sanction against Morgan Stanley after the firm's attorneys infuriated the court by failing and refusing to produce documents, and falsely telling the court that certain documents did not exist. The ruling was overturned on March 21, 2007, and Morgan Stanley was no longer required to pay the $ 1.57 billion (~$ 2.22 billion in 2023) verdict. Morgan Stanley settled a class-action lawsuit on March 2, 2006. It had been filed in California by both current and former Morgan Stanley employees for unfair labor practices instituted to those in
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1536-413: The matter reported that Morgan Stanley has outlined its intention to reduce approximately 3,000 positions by the end of June. The projected reduction constitutes roughly 5 percent of the bank's overall workforce, with financial advisors and support staff exempted from these staff cuts. In October 2024, Morgan Stanley entered into a 40,000-tonne carbon dioxide removal purchase agreement with Climeworks ,
1584-500: The name was chosen to be the combination of the two predecessor companies to avoid tension between the two firms. Eventually, in 2001 "Dean Witter" was further dropped and the name became "Morgan Stanley" for unrevealed reasons. The merged firm began expanding overseas operations: in 1999, Mack set up a joint venture in India with local partner JM Financial . Morgan Stanley had offices located on 35 floors across buildings 1, 2, and 5 of
1632-599: The new subsidiary. Aisha de Sequeira , a managing director in the Mergers and Acquisitions group, was made Head of Investment Banking. To cope with the write-downs during the subprime mortgage crisis, Morgan Stanley announced on December 19, 2007, that it would receive a US$ 5 billion capital infusion from the China Investment Corporation in exchange for securities that would be convertible to 9.9% of its shares in 2010. The bank's Process Driven Trading unit
1680-496: The offer. Morgan Stanley and Goldman Sachs , the last two major investment banks in the US, both announced on September 22, 2008, that they would become traditional bank holding companies regulated by the Federal Reserve . The Federal Reserve's approval of their bid to become banks ended the ascendancy of securities firms, 75 years after Congress separated them from deposit-taking lenders, and capped weeks of chaos that sent Lehman Brothers Holdings Inc. into bankruptcy and led to
1728-635: The operations of such companies. This authority applies even though a bank owned by a holding company may be under the primary supervision of the Office of the Comptroller of the Currency or the Federal Deposit Insurance Corporation . Becoming a bank holding company makes it easier for the firm to raise capital than as a traditional bank. The holding company can assume debt of shareholders on
1776-406: The rushed sale of Merrill Lynch & Co. to Bank of America Corp. MUFG Bank , Japan's largest bank, invested $ 9 billion in a direct purchase of a 21% ownership stake in Morgan Stanley on September 29, 2008. The payment from MUFG was supposed to be wired electronically; however, because it needed to be made on an emergency basis on Columbus Day when banks were closed in the US, MUFG cut
1824-550: The shareholder number was 300), at which point the bank holding company is forced to register with the Securities and Exchange Commission . There are also added expenses of operating with an extra layer of administration. As a result of the 2007–2008 financial crisis , many traditional investment banks and finance corporations such as Goldman Sachs , Morgan Stanley , American Express , CIT Group and GMAC (now Ally Financial ) converted to bank holding companies to gain access to
1872-460: The spin-off of its Discover Card unit. The bank completed the spinoff of Discover Financial on June 30, 2007. In February 2007, Morgan Stanley announced the end of its Indian joint venture: the bank acquired its local partner's stake in the institutional brokerage business, and sold its own stake in the other businesses. The bank then set up a wholly-owned subsidiary; the country head of Investment Management, Narayan Ramachandran, became CEO of
1920-402: The splitting of American commercial and investment banking businesses. In its first year, the company operated with a 24% market share (US$ 1.1 billion) in public offerings and private placements . The current Morgan Stanley is the result of the merger of the original Morgan Stanley with Dean Witter Discover & Co. in 1997. Dean Witter's chairman and CEO, Philip J. Purcell , became
1968-410: The spun-off financial services business of Sears Roebuck . Dean Witter's chairman and CEO, Philip J. Purcell , continued to hold the same roles in the newly merged "Morgan Stanley Dean Witter Discover & Co." Morgan Stanley's president John J. Mack became the firm's president and chief operating officer. In 1998, the name of the firm was changed to "Morgan Stanley Dean Witter & Co." Originally,
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2016-455: The time, it was the largest fine ever imposed by the NYSE. On May 16, 2005, a Florida jury found that Morgan Stanley failed to give adequate information to Ronald Perelman about Sunbeam thereby defrauding him and causing damages to him of $ 604 million (~$ 906 million in 2023). In addition, punitive damages were added for total damages of $ 1.450 billion. This verdict was directed by
2064-590: The towers, while 2,687 were successfully evacuated by Rick Rescorla. The surviving employees moved to temporary headquarters in the vicinity. In 2005 Morgan Stanley moved 2,300 of its employees back to lower Manhattan , at that time the largest such move. In 2003, New York–Presbyterian Hospital named the Morgan Stanley Children's Hospital in recognition of the firm's sponsorship of the hospital, which largely funded its construction through philanthropy. The initiative began under CEO Philip J. Purcell and
2112-437: The world. In November 2013, Morgan Stanley announced that it would invest $ 1 billion (~$ 1.29 billion in 2023) to help improve affordable housing as part of a wider push to encourage investment in efforts that aid economic, social and environmental sustainability. In July 2014, Morgan Stanley's Asian private equity arm announced it had raised around $ 1.7 billion (~$ 2.16 billion in 2023) for its fourth fund in
2160-542: Was among several on Wall Street caught in a short squeeze , reportedly losing nearly $ 300 million in one day. The bubble's subsequent collapse was considered to be a central component of the 2007–2008 financial crisis . The bank was contracted by the United States Treasury in August 2008 to advise the government on potential rescue strategies for Fannie Mae and Freddie Mac . Within days, Morgan Stanley itself
2208-476: Was at risk of failure, with rapidly changing prospects, regulatory model and ownership stakes over the course of four weeks from mid-September to mid-October 2008. The bank Morgan Stanley was reported to have lost over 80% of its market value during the 2007–2008 financial crisis . On September 17, 2008, the British evening-news analysis program Newsnight reported that Morgan Stanley was facing difficulties after
2256-465: Was completed on October 14, 2008. Morgan Stanley borrowed $ 107.3 billion from the Fed during the 2008 crisis, the most of any bank, according to data compiled by Bloomberg News Service and published August 22, 2011. In 2009, Morgan Stanley purchased Smith Barney from Citigroup and the new broker-dealer operates under the name Morgan Stanley Smith Barney , the largest wealth management business in
2304-562: Was completed under John Mack . Employees at the firm have been involved with the hospital since the 1990s and personally donated to the construction of the current child-friendly building, which opened in November 2003. The company found itself in the midst of a management crisis starting in March 2005 that resulted in a loss of the firm's staff. Purcell resigned as CEO of Morgan Stanley in June 2005 when
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