Elsewhere on Wall Street, other big banks awaiting annual shareholder meetings may get grilled with questions asking why they won't sell — or, when they might start buying. Big banks' stocks have been hammered by factors including their fixed income, currencies and commodities trading business. Wall Street firms are cutting head count and compensation to offset plummeting profitability.
Another bank that could hear shareholders eager to do deals is Morgan Stanley, according to a report from CLSA banking analyst Mike Mayo. Although he acknowledged that it's not "a high-probability event," Mayo said that after years of failing to generate returns exceeding the cost of capital, it's something he thinks will be on investors' minds.
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"It is hard for us to ignore that the implied break-up value is almost twice the current market cap," he wrote, adding, "there is a lot of value in the company, especially considering $25 in tangible book value in the institutional securities business alone."
Mayo said the bank should expect shareholders will bring up the mergers and acquisitions question, as they did with Comerica, at the bank's annual shareholder meeting next week. Morgan Stanley did not respond to a request seeking comment.