He has been in his post for less than two weeks, but Morgan Stanley’s new chief executive Ted Pick can already reflect on the removal of a regulatory overhang that had dogged the firm for the last couple of years.
On Friday, as some of the biggest US banks were busy reporting their 2023 full-year earnings, the Securities and Exchanges Commission (SEC) and the US Attorney for the Southern District of New York – on behalf of the US Department of Justice – announced the end of an investigation into Morgan Stanley’s equity block trading business with the firm agreeing to pay about $250 million to settle charges of fraud and for failing to ensure that private-side information did not leak into the public side of the bank.
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