Morgan Stanley Chief Executive James Gorman joined other finance industry leaders in warning that operations won’t be fully back to normal this year.
“We are working on a series of programs to provide a safe environment for our employees to come back,” Gorman said at the firm’s virtual shareholder meeting. “Under no circumstance will the employees be forced to come back in 2020 to their desk when they have any concern or fear over their health and safety.”
He said that he expects closer to 50% of employees back in offices by the end of the year. That figure has varied significantly across the firm’s global locations.
While Morgan Stanley still has more than 90% of employees working from home, almost half the workers in Hong Kong are back. It’s a “very, very, very small number” in New York City, Gorman said.
Also, Orion has added BlackRock, Fidelity, and Vanguard to its custom portfolios suite, and RedBlack has set up a new headquarters after crossing a trillion-dollar milestone.
Also, New York-based Legacy Edge Advisors names its first-ever CEO, while Novare Capital Management hires a Vanguard veteran with a multigenerational planning focus.
Asset managers are racing to bring private market products to retirement plans, but cost and liquidity concerns linger.
Treasury's latest tax-exemption crackdown on private schools lands in the wake of a separate push to restrict refundable credits for some immigrant filers.
Workforce trust measures predicted which companies came out ahead during COVID-19. The same dynamic may now be playing out across the AI transition — and the data suggests the spread could be just as wide.
Northern Trust’s Ken Lassner shows advisors how to convert volatility into after-tax portfolio gains
Dan Biagini of American Equity says the steady decline of pensions, longer lifespans and a reset in interest rates are rewriting how advisors build retirement income
