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December 19, 2013

Morgan Stanley Scales Down Commodities

At a staff meeting in Budapest this fall, Morgan Stanley Chief Executive James Gorman told employees that a hypothetical oil spill by a tanker under the company’s control is “a risk we just can’t take,” according to people familiar with the remark.

The comment underscored the degree to which a once-lucrative business has fallen out of favor within the bank.

Morgan Stanley helped pioneer trading of raw materials on Wall Street, buying and selling physical supplies of everything from copper to crude oil and taking stakes in companies that move commodities around the world.”

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Read full Wall Street Journal article here

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