摩根士丹利欢度Facebook IPO一周年

    对美邦进行估值的第三方咨询公司Perella Weinberg为戈尔曼提供了又一项战果，这家咨询公司基本与摩根士丹利站在一边，将收购交易价格缩减多达85亿美元。另外，争取新雇员的工作虽然尚未完成，美邦经纪人并未出现大幅流失。

    Facebook IPO让摩根士丹利自负的科技团队栽了个大跟头。摩根士丹利支付的相关罚款达到了500万美元。根据Dealogic的数据，摩根士丹利在2012年科技股IPO主承销商中排名第六。在Facebook IPO之前一年，该公司排名第一。但若论美国投行的科技类交易费用收入（包括兼并购和非IPO股票发行），摩根士丹利仍名列第一。

    麦晋桁称，将Facebook IPO失败归咎于戈尔曼或摩根士丹利其他高管是不公平的。以38美元发行的Fackbook股价一年后仍仅为26美元，“当时我们很多人都说不要定这样高的价格，”麦晋桁表示，“但Facebook的问题是严重超额认购。”

    麦晋桁表示，Facebook想要出售股票。因此，摩根士丹利的银行家们觉得，如果有人打算买下这些额外的股票，不妨由他们来。”即便如此，麦晋桁认为，是纳斯达克（Nasdaq）的技术故障最终搞砸了这宗IPO，造成IPO当天交易推迟，整天问题不断。

    戈尔曼拒绝对本文置评。摩根士丹利继去年亏损，而今年一季度盈利近10亿美元后，戈尔曼表示，公司的许多大麻烦已经过去了。

    但是，戈尔曼打出“任务完成”的标语还为时尚早。一季度业绩得到改善，但仍低于分析师的预期。曾经买进760万股摩根士丹利股票、断言股价将翻番的对冲基金经理丹•勒布最近在监管文件中披露，其所在公司Third Point已在一季度抛出了全部摩根士丹利股票。勒布拒绝发表评论。摩根士丹利的权益回报率最近升至了7.6%，但仍远远低于金融危机前的水平。而且，摩根士丹利债券交易业务显著落后于长期竞争对手高盛（Goldman Sachs）等。

    Perella Weinberg, the third-party adviser brought into value Smith Barney, handed another victory to Gorman, mostly siding with Morgan Stanley, cutting the price of the deal by as much as $8.5 billion. And, while the job's not done winning over his new employees, there's been no major exodus of Smith Barney brokers.

    The Facebook IPO has taken Morgan Stanley's vaunted technology team down a notch. Morgan Stanley was forced to pay a $5 million fine related to the deal. Morgan Stanley ranked 6th in the past year as lead underwriter of technology IPOs, according to Dealogic. That's down from No. 1 in the year before Facebook. But when it comes to overall U.S. investment banking fees from tech deals, which also includes mergers and acquisitions and non-IPO stock offerings, Morgan Stanley still ranks No. 1.

    Mack says it's unfair to blame Gorman or any of Morgan Stanley's other bankers for the Facebook flop. A year later, the shares, which went public at $38, still only fetch $26."There were a number of us who said don't price it there," says Mack. "But the Facebook issue was so oversubscribed."

    Mack says Facebook wanted to sell the shares. So Morgan Stanley bankers figured if someone was going to underwrite the extra shares, it might as well be them. Even so, Mack says in the end he believes it was the glitch at the Nasdaq, which delayed trading and caused problems throughout the day of the IPO that ultimately did in the deal.

    Gorman declined to comment for this story. Following the first quarter, in which the firm made nearly $1 billion after losing money last year, Gorman said that he thought many of the firm's biggest issues were behind it.

    Still, it's too soon for Gorman to fly the "mission accomplished" banner. The better earnings in the first quarter still missed analysts' expectations. Hedge fund manager Dan Loeb, who bought 7.6 million Morgan Stanley shares and said he expected the stock price to double, recently revealed in a regulatory filing that his firm Third Point sold its entire stake in the first quarter. Loeb declined to comment. The firm's return on equity has climbed recently to 7.6%, but it is still well below where it was before the financial crisis. And Morgan Stanley's bond trading business significantly lags long-time rival Goldman Sachs (GS) as well as others.