Post-Election Rally Profits Morgan Stanley GC, Execs
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Senior Morgan Stanley executives, including the firm’s chief legal officer, collectively earned about $10.5 million over the past week by exercising options and selling shares, Reuters is reporting.
Reporter Olivia Oran writes that most of the profits came from an election-fueled rally in bank stocks, according to securities filings.
“The executives made the sales after shares of Morgan Stanley, which traded as low as $22 in the last 12 months, reversed course to become the best performing of the six largest U.S. banks so far this year, closing Monday at $39.35,” she reports.
Chief Legal Officer Eric Grossman exercised options and sold stock on Friday, earning $475,206.
