James Gorman’s big retail brokerage gamble is officially on,
the New York Post guru sez.
The Morgan Stanley CEO scored a victory in landing a
favorable decision from third-party consultant Perella Weinberg valuing
brokerage unit Morgan Stanley Smith Barney at $13.5 billion. Now the Morgan Stanley boss has to make it
work. He has bet the future success of the investment bank, in large part, on
the back of the 17,000-strong brokerage franchise.
As first reported by The Post yesterday, Morgan Stanley
emerged as the big winner in a contested valuation of the brokerage
business. Morgan Stanley valued it at $9
billion; co-owner of the joint venture, Citigroup, valued it at $22 billion.
Perella’s decision enables Morgan Stanley to purchase the
remaining 49 percent in the brokerage over the next two year at a lower price....
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