Morgan Stanley

 

FOX Business Network (FBN) Senior Correspondent Charlie Gasparino reports that “Morgan Stanley  (NYSE:MS) wealth management chief Greg Fleming has just concluded a seven-city tour of the firm’s brokerage offices in an attempt to stem a broker revolt” over the company’s faulty new technology system. Gasparino reports that many Morgan Stanley (MS) employees are  “threatening to leave,” which prompted Fleming to visit large Morgan Stanley offices “in Atlanta, Dallas, San Francisco, Los Angeles, Boston, Miami and New York” in order “to make a personal appeal to top brokers to give the firm more time to fix the system.”

We reported several days ago, that close to 50 senior personal threatened to quit over the  new technology platform, called “3D.” Below is some of the latest news on Morgan Stanley from FOX Business Network (FBN):

On Morgan Stanley (NYSE:MS) President Greg Fleming’s attempts to stem a broker revolt within the firm:

“Morgan Stanley wealth management chief Greg Fleming has just concluded a seven-city tour of the firm’s brokerage offices in an attempt to stem a broker revolt over the company’s new technology system that contains so many glitches that brokers often cannot sign-up new clients. The meet and greet between Fleming and brokers at the firm’s biggest offices produced mixed results. Brokers have not left the firm in significant numbers amid the technology glitches, but anger remains high at the firm with many still threatening to leave if the problems with the new system are not fixed soon. That prompted Fleming to make a personal appeal to top brokers to give the firm more time to fix the system; in recent weeks he visited large offices in Atlanta, Dallas, San Francisco, Los Angeles, Boston, Miami and New York.”

 

On Morgan Stanley’s statement to FBN regarding Fleming’s seven-city tour:

“In a statement, Morgan Stanley told FBN: ‘As he visits offices around the country, Greg Fleming has this message:  ‘we’re going to fix issues with the new technology and operations platform and make it easier for you to do business.’  Some improvements will be made quickly but some will take longer.  This message is being well-received and we’ve seen no spike in attrition of Financial Advisors and no threats of mass defections.’”