HSBC mulling bid for Morgan Stanley

April 4th, 2005, 01:28 AM

Courtesy of Reuters

Quote:

HSBC mulling bid for Morgan Stanley

LONDON, April 3 (Reuters) - The world's second-largest bank, British-based HSBC Holdings Plc, is mulling a bid for Morgan Stanley, the U.S.'s second-biggest securities house, the Independent on Sunday newspaper said. The British paper said HSBC Chairman John Bond was being pressed by senior directors within the group's investment banking division.

HSBC was not immediately available for comment on the report. On Friday Morgan Stanley's leadership team sought to rally support as a group of shareholders campaigned for Chief Executive Philip Purcell to be ousted and a key figure resigned from the firm.

Morgan Stanley's two new co-presidents, appointed a week ago, met employees, clients and investors. The company also said on Friday that Stephan Newhouse, who was replaced as president in the management shake-up, had resigned after considering another, unspecified job at the firm.

This is what I've been waiting for now for a while. US firms are priced low with a low dollar and UK firms are sitting on cash with a high pound. It's the perfect time for takeovers to start. I'm only surprised it's taken this long. I forsee many more to come.

DonQui · April 4th, 2005, 01:43 AM

Piss off Brits!! Keep your hands off my companies!!!

***gothicform*** · April 4th, 2005, 01:47 AM

yeah im shocked the likes of hsbc and barclays have waited so long to do some takeovers given the exchange rate.

JDRS · April 4th, 2005, 01:51 AM

Didn't Barclays recently buy a South African bank?

Englishman · April 4th, 2005, 02:27 AM

i think they were just given approval to buy it I don't think they have actually done it yet.

I bet this is a shock to some Americans. There was an artical in the times today about the Boss of Morgan Stanley being attacked by lots of senior folk for not being very good. http://www.timesonline.co.uk/newspap...551981,00.html

Quote:

Directors turn on US bank boss

DISSIDENT directors are this week intent on stepping up their campaign to oust Morgan Stanley chief Philip Purcell from the leading investment bank, writes Dominic Rushe in New York.
The group broke cover with their campaign last week, publishing a letter in the Wall Street Journal calling for Purcell’s head.

The dissident investors own 11m shares in Morgan Stanley and have become angered by Purcell’s management-style and the bank’s underperforming share price. They are urging large shareholders to back their call to ditch Purcell.

Jonathan Chenevix-Trench, head of Morgan Stanley's Institutional Securities Group in Europe, said that in Europe the bank’s clients and investors had so far reacted to the spat with “bemusement, bemusement and sympathy”.

Analysts said that the longer the fight goes on, the more tenuous Purcell’s position becomes.

I think if HSBC bid then it may be a done deal at the right price.

nukey · April 4th, 2005, 10:32 AM

Buy buy buy!!
I would prefer it if we plowed into Europe and Asia though but then the exchange rate isnt so favourable.

Sy · April 4th, 2005, 04:00 PM

Now is definately the time to do it, hopefully they succeed.

potto · April 4th, 2005, 04:01 PM

revenge is sweet

Englishman · April 4th, 2005, 04:34 PM

eh?

potto · April 4th, 2005, 06:46 PM

after losing all our carefully nutured talent in the 80s

maxxam80 · April 4th, 2005, 09:10 PM

its a shame they just announced 1000 job cuts at Canary Wharf HQ, Chairman says they will save 20k per person by outsourcing to South East Asia

this is a far grerater negative externality than the positive buyout

"FEARS that HSBC is set to move more UK jobs to low-cost centres in Asia heightened last week when a senior executive at the bank revealed plans to double its back-office workforce in Asia within three years.

Alan Jebson, chief operating officer at the Canada Square-based bank, said he had a target to save more than £518m by December 2007 and was increasing efforts to move to offshore locations.

``I would be surprised if we had less than 15 (global service centres) in three years' time, and very surprised if we had less than 25,000 people working in them,'' he said.

Finance union Amicus raised concerns about the plans at a meeting at the bank's Canada Square HQ last Wednesday (March 16).

The bank has already achieved half of its target of 4,500 job cuts in the UK by 2006 through offshoring.

HSBC saves $20,000 for every job it moves to one of its 10 service centres across Asia.

David Fleming, Amicus's national officer for the finance sector, added: ``2000 HSBC jobs have already been offshored this year and a further 1,000 are going abroad next year
"

April 4th, 2005, 10:32 AM	#6
nukey Somnium Quinti Join Date: Apr 2004 Posts: 677 Likes (Received): 0	Buy buy buy!! I would prefer it if we plowed into Europe and Asia though but then the exchange rate isnt so favourable. __________________ esaelp ecuas dna liatkcoc nwarp

April 4th, 2005, 04:00 PM	#7
Sy Bada Bing! Join Date: Aug 2003 Location: England Posts: 2,339 Likes (Received): 15	Now is definately the time to do it, hopefully they succeed. __________________ Obey The Suit!

Thread Tools
Show Printable Version Email this Page
Display Modes
Linear Mode Switch to Hybrid Mode Switch to Threaded Mode

April 4th, 2005, 01:43 AM	#2
DonQui BANNED Join Date: Jan 2005 Location: The Free City-State of New York Posts: 6,208 Likes (Received): 0	Piss off Brits!! Keep your hands off my companies!!!

April 4th, 2005, 01:47 AM	#3
*gothicform* Bossman Join Date: Jul 2002 Location: not london Posts: 29,213 Likes (Received): 494	yeah im shocked the likes of hsbc and barclays have waited so long to do some takeovers given the exchange rate.

April 4th, 2005, 01:51 AM	#4
JDRS Against ID Cards Join Date: Feb 2004 Location: Manchester Posts: 9,823 Likes (Received): 0	Didn't Barclays recently buy a South African bank?

April 4th, 2005, 04:01 PM	#8
potto Registered User Join Date: Sep 2002 Location: London Posts: 13,503 Likes (Received): 253	revenge is sweet

April 4th, 2005, 04:34 PM	#9
Englishman Urge Desire Rest Join Date: May 2003 Location: London Posts: 2,378 Likes (Received): 4	eh?

April 4th, 2005, 06:46 PM	#10
potto Registered User Join Date: Sep 2002 Location: London Posts: 13,503 Likes (Received): 253	after losing all our carefully nutured talent in the 80s

April 4th, 2005, 09:10 PM	#11
maxxam80 Registered User Join Date: Apr 2003 Location: London Posts: 916 Likes (Received): 0	its a shame they just announced 1000 job cuts at Canary Wharf HQ, Chairman says they will save 20k per person by outsourcing to South East Asia this is a far grerater negative externality than the positive buyout "FEARS that HSBC is set to move more UK jobs to low-cost centres in Asia heightened last week when a senior executive at the bank revealed plans to double its back-office workforce in Asia within three years. Alan Jebson, chief operating officer at the Canada Square-based bank, said he had a target to save more than £518m by December 2007 and was increasing efforts to move to offshore locations. ``I would be surprised if we had less than 15 (global service centres) in three years' time, and very surprised if we had less than 25,000 people working in them,'' he said. Finance union Amicus raised concerns about the plans at a meeting at the bank's Canada Square HQ last Wednesday (March 16). The bank has already achieved half of its target of 4,500 job cuts in the UK by 2006 through offshoring. HSBC saves $20,000 for every job it moves to one of its 10 service centres across Asia. David Fleming, Amicus's national officer for the finance sector, added: ``2000 HSBC jobs have already been offshored this year and a further 1,000 are going abroad next year "