At the Future Investment Initiative in Saudi Arabia, top finance executives from firms like Goldman Sachs, Morgan Stanley, and Apollo Global Management expressed skepticism about the likelihood of two Federal Reserve interest-rate cuts this year. None of the panelists indicated support for such market expectations, suggesting that bets on rate reductions may be excessive.
Morgan Stanley has appointed CEO Ted Pick as its next chair, succeeding James Gorman, who will lead the board at Walt Disney after stepping down at the end of the year. This move consolidates the roles of CEO and chair, a practice that has faced criticism for centralizing power, though supporters argue it enhances decision-making efficiency. Pick became CEO earlier this year after succeeding Gorman.
Morgan Stanley CEO Ted Pick will assume the role of chairman of the board in January, succeeding James Gorman, who announced his departure at the end of the year. In recognition of his service, Gorman will be honored with the title of “chair emeritus” after leaving the board.
Stock futures fell as the Dow Jones Industrial Average ended a three-day winning streak, closing down over 344 points. General Motors raised its 2024 earnings guidance after surpassing estimates, while Disney announced James Gorman as its new chairman and delayed the CEO succession plan to early 2026. Donald Trump's tax proposals could exempt income taxes for 93.2 million Americans but may jeopardize Social Security's funding, while Nike secured a renewed, larger contract as the exclusive uniform provider for the NBA and WNBA for another 12 years.
Seems like the connection with the server has been lost. It can be due to poor or broken network. Please hang on while we're trying to reconnect...
Oh snap! Failed to reconnect with the server. This is typically caused by a longer network outage, or if the server has been taken down. You can try to reconnect, but if that does not work, you need to reload the page.
Oh man! The server rejected the attempt to reconnect. The only option now is to reload the page, but be prepared that it won't work, since this is typically caused by a failure on the server.
