Reuters is reporting a mass exodus of major advisers from Morgan Stanley due to “widespread technology problems have made it very difficult for them to do their jobs”. Based on other financial sites, the probable cause is that Morgan Stanley is about to implode taking clients’ segregated accounts right into the hands of a “white knight”. J.P. Morgan is the top prediction for this “honor” to repeat their past raids on private accounts. Where is Jon Corzine when you need him?
(Reuters) – Several dozen Morgan Stanley Smith Barney advisers who manage tens of billions of dollars of client money are considering leaving the firm, saying that widespread technology problems have made it very difficult for them to do their jobs, according to people familiar with the matter.
The group has hired a lawyer to argue that they should be able to keep lucrative retention payments even if they quit, and they have also drafted a letter to Morgan Stanley CEO James Gorman outlining their concerns, though the letter has not yet been sent, the sources said.
Rebecca Rothstein, one of the firm’s top advisers based in Beverly Hills, spoke to him on the group’s behalf, two sources familiar with the conversation said.