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“If you had all sovereigns, all corporate and all financial institutions blow up in Europe at the same time, Morgan Stanley would still be fine.”
CEO James Gorman underlines Morgan Stanley’s resilience against capital concerns.



The following are notes from our Monday morning meeting.


Citigroup will shut down its equity principal strategies desk in early February, a result of the Volcker rule against proprietary trading in the US.

RBS chairman Philip Hampton will waive his $2.2m stock bonus, after CEO Stephen Hester’s $1.51m bonus sparked a public row.

South Africa's Standard Bank has sold its 36.4% stake in Russia's Troika Dialog Group to Sberbank for $372m.

The Central Bank of Oman will issue new rules and regulations by the end of January on its fledging Islamic banking activities.

HSBC has replaced Stuart Milne with Kaber McLean as CEO for Japan, where it is reportedly selling its consumer banking unit to reduce presence.

ICBC has filed its request with the Bank of Portugal to set up a Portuguese subsidiary, the first Chinese bank to do so.

Indonesia’s Bank Pembangunan Daerah Jawa Barat and Banten has put aside $5.6m to acquire 10 rural banks in West Java to strengthen its micro-lending businesses.

The State Bank of India will enter UK’s residential mortgage market in August 2012, according to regional head Rajnish Kumar.

CEO of New Zealand’s Co-operative Bank Girol Karacaoglu will be replaced by Gareth Fleming as he becomes the Treasury’s deputy secretary in March.