Morgan Stanley Gave Some of its Clients Wrong Tax Information

Morgan Stanley Gave Some of its Clients Wrong Tax Information

Morgan Stanley has said that it has given a significant number of its wealth management clients the wrong tax information. The has caused them to either underpay or overpay their taxes over the past five years.

“Morgan Stanley has said that it has given a significant number of its wealth management clients the wrong tax information.”

~ Bloomberg

Morgan Stanley is now in discussions with IRS to resole any client tax underpayments. It will also notify any customers that may have overpaid taxes and reimburse them. It will set aside $70 million to cover the costs and errors which occured from 2011 to 2016.

Related Reports: Bloomberg, Reuters

 

About Morgan Stanley

Morgan Stanley formally opens its doors for business at 2 Wall Street, New York City, on September 16, 1935. In its first year, the firm handles $1.1 billion in public offerings and private placements—a 24 percent market share.

 


The Wealth Insider is the world’s leading wealth intelligence for global wealth managers, investments managers, asset managers, high net-worth service providers and wealthy individuals.  Our global workforce seamlessly present the inside news of the most relevant news, insights, global wealth trends, innovation & digital transformation to our global audience.

Get The Wealth Insider Daily

  • For Press Release,  please contact press@thewealthinsider.com
  • For Media-related enquiries, please contact media@thewealthinsider.com
  • For Advertisement, please contact our official ad agency

Boutique Bank Beats Well Known Banks to be Sole Advisor for Saudi Aramco

Boutique Bank Beats Well Known Banks to be Sole Advisor for Saudi Aramco

Moelis and Co, a boutique Wall Street Investment Bank has been chosen as the sole independent advisor for the IPO of Saudi Arabia’s state oil company, Saudi Aramco. Morgan Stanley, HSBC were banks that received a request for proposals for the world’s biggest initial public offering. It is believed that the firm will have a valuation of roughly $2 trillion.

“Moelis and Co, a boutique Wall Street Investment Bank has been chosen as the sole independent advisor for the IPO of Saudi Arabia’s state oil company, Saudi Aramco.”

~Reuters

Moelis had previously worked for Samsonite for its $1.3 billion IPO in 2011 and the plastic pipe Polypipe Group Plc on its £320 million IPO in 2014.

Related Reports: Financial Times, Reuters

 

About Moelis and Co 

Moelis & Company (NYSE:MC) is a leading global independent investment bank that provides innovative, unconflicted strategic advice to a diverse client base. We assist our clients in achieving their strategic goals by offering comprehensive, globally integrated financial advisory services across all major industry sectors. Our dynamic advisory practice supports clients through all phases of the business cycle through expert capabilities in M&A, Recapitalization & Restructuring, Capital Markets and Financial Institution Advisory. We serve our clients with about 650 employees based in 17 offices in North and South America, Europe, the Middle East, Asia and Australia.

Visit: Moelis and Co

 


The Wealth Insider is the world’s leading wealth intelligence for global wealth managers, investments managers, asset managers, high net-worth service providers and wealthy individuals.  Our global workforce seamlessly present the inside news of the most relevant news, insights, global wealth trends, innovation & digital transformation to our global audience.

Get The Wealth Insider Daily

  • For Press Release,  please contact press@thewealthinsider.com
  • For Media-related enquiries, please contact media@thewealthinsider.com
  • For Advertisement, please contact our official ad agency

Banks Passed Up Share Sale of Uber

Banks Passed Up Share Sale of Uber

The potential fees and reputation which could be gained from working on Uber’s Initial Public Offering are what ever bank looks for. However, at least two investment banks passed on selling shares of Uber to their high net work clients due to lack of financial details on its business.

“The San Francisco-based company has more than $16 billion in cash and debt since it started more than six years ago, most recently at a valuation of $69 billion. “

~Bloomberg

JP Morgan Chase & Co and Deutsche Bank turned down the chance to offer their clients the option to invest in Uber. At the end, Bank of America and Morgan Stanley sold their shares earlier this year through the private wealth divisions.  The San Francisco-based company has more than $16 billion in cash and debt since it started more than six years ago, most recently at a valuation of $69 billion.  If it were to go public at the valuation, it would have a higher valuation than almost 90 percent of the companies in the S&P 500 Index .

Related Reports: Bloomberg

 

About JP Morgan Chase & Co

JPMorgan Chase (NYSE: JPM) is one of the oldest financial institutions in the United States. With a history dating back over 200 years, here’s where we stand today:

  • We are a leading global financial services firm with assets of $2.4 trillion.
  • We operate in more than 100 countries.
  • We have over 235,000 employees.
  • We serve millions of consumers, small businesses and many of the world’s most prominent corporate, institutional and government clients.
  • We are a leader in investment banking, financial services for consumers and small businesses, commercial banking, financial transaction processing and asset management.
  • Our stock is a component of the Dow Jones Industrial Average.

Visit: JP Morgan Chase & Co


The Wealth Insider is the world’s leading wealth intelligence for global wealth managers, investments managers, asset managers, high net-worth service providers and wealthy individuals.  Our global workforce seamlessly present the inside news of the most relevant news, insights, global wealth trends, innovation & digital transformation to our global audience.

Get The Wealth Insider Daily

  • For Press Release,  please contact press@thewealthinsider.com
  • For Media-related enquiries, please contact media@thewealthinsider.com
  • For Advertisement, please contact our official ad agency

Saudi Arabia Lines Up Banks for $15 billion Bond Sale

Saudi Arabia Lines Up Banks for $15 billion Bond Sale

Saudi Arabia seeks to launch its debut international bond of about 15billion as early as July. Banks expected to take part include the Bank of Tokyo Mitsubishi, HSBC, and JP Morgan Chase which were lead lender on Saudi Arabia $10 billion loan in April.  Others likely to take part in the talks include BNP Paribas, Citigroup, Deutsche Bank, Goldman Sachs and Morgan Stanley.

“Saudi Arabia seeks to launch its debut international bond of about 15billion as early as July.”

~ Financial Times

The issuance will include several tenors up to 30 years in maturity and would probably be followed by a further bond later this year and potentially another one next year.

Related Reports: Financial Times, Bloomberg

 

About Bank of Tokyo Mitsubishi

The Bank of Tokyo-Mitsubishi UFJ, Ltd. provides various banking and financial services in Japan, North America, Latin America, Europe, the Middle East, Asia, and Oceania. The company operates through Retail Banking Business Unit, Corporate Banking Business Unit, Global Business Unit, Bank of Ayudhya, Global Markets Unit, and Other Units segments.

As of March 31, 2015, The Bank of Tokyo-Mitsubishi UFJ, Ltd. had 766 domestic branches and 75 international branches. The Bank of Tokyo-Mitsubishi UFJ, Ltd. was formerly known as Bank Tokyo-Mitsubishi Ltd. and changed its name to The Bank of Tokyo-Mitsubishi UFJ, Ltd. in January 2006. The company was founded in 1919 and is headquartered in Tokyo, Japan. The Bank of Tokyo-Mitsubishi UFJ, Ltd. operates as a subsidiary of Mitsubishi UFJ Financial Group, Inc.

Visit: Bank of Tokyo Mitsubishi


The Wealth Insider is the world’s leading wealth intelligence for global wealth managers, investments managers, asset managers, high net-worth service providers and wealthy individuals.  Our global workforce seamlessly present the inside news of the most relevant news, insights, global wealth trends, innovation & digital transformation to our global audience.

Get The Wealth Insider Daily

  • For Press Release,  please contact press@thewealthinsider.com
  • For Media-related enquiries, please contact media@thewealthinsider.com
  • For Advertisement, please contact our official ad agency