Morgan Stanley (NYSE:MS) is in "advanced talks" with CNBC Capital Markets Editor Gary Kaminsky to offer him the position of vice chairman of their brokerage division according to a report from FOX Business Network (FBN) Senior Correspondent Charlie Gasparino. Gasparino says Kaminsky will be “offered the job later today by brokerage chief Greg Fleming,” and that though the deal has not been finalized, the firm “could make the announcement tomorrow morning.”
Excerpts from the report are below.
On Morgan Stanley (NYSE:MS) hiring CNBC Capital Markets Editor Gary Kaminsky:
“Morgan Stanley is in advanced talks with a former high-profile money manager to become the vice chairman of its brokerage department -- a key role that is designed to increase coordination between brokers and investment bankers at the firm, according to people with knowledge of the matter. Gary Kaminsky, who is currently the capital markets editor for the financial news channel CNBC, is expected to be officially offered the job later today by brokerage chief Greg Fleming. The deal hasn't been finalized, but the big Wall Street firm could make the announcement tomorrow morning. Neither Kaminsky nor Morgan Stanley would comment.”
On Kaminsky’s new role at Morgan Stanley:
“Kaminsky - who had been a high profile money manager for Neuberger Berman before joining CNBC - is expected to play a key role in Morgan Stanley's post-financial crisis transformation under chief executive James Gorman from a firm that focused heavily on risk-taking to one that will dispense advice both to small investors through its brokerage department and corporations through its investment banking unit. Gorman has been CEO since 2010 but in recent months he has made it a priority to coordinate activities between the two departments, which often work as separate units with very little interaction. Kaminsky's new role would attempt to change that culture. People with direct knowledge of the matter say Kaminsky would, for instance, direct investment banking deals that develop with brokerage clients to the investment banking department to keep fees from moving to other firms.”
On how long Kaminsky has been in discussions with Morgan Stanley:
“Kaminsky has been weighing a move back to Wall Street for some time, and has fielded offers from large money management firms and hedge funds, according to people with knowledge of the matter. He has been in discussions with Morgan Stanley for about six weeks, these people say.”