CNBC's Gary Kaminsky Moving To Morgan Stanley As Brokerage Vice Chairman

Tyler Durden's picture

While it has been a while since Charlie Gasparino broke anything material, and is why we urge readers to take this news with a grain of salt, the report that CNBC's Gary Kaminsky would be leaving the Comcast channel and his role as capital markets editor and heading to Morgan Stanley as vice chair of its brokerage division would make sense, and would certainly explain the quite amicable relationship between CNBC, its various anchors, and the B-grade brokerage.

From Fox Business:

Morgan Stanley (MS) 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.

And from Gasparino:

On Morgan Stanley 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.”