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James Gorman to step down as Morgan Stanley chair

AnnaMaria Andriotis, The Wall Street Journal

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Morgan Stanley’s James Gorman said on 23 May that he will step down as executive chair of the board at the end of the year.

Business

Tech

Cavendish says Trump tariffs could boost UK equities after ‘challenging period’

Goldman Sachs names Weber and Wilkins to head of real estate dealmaking in Europe

Ex-Deutsche Numis, Clearwater dealmakers launch mid-market boutique Pura 

Pimco Emea boss Craig Dawson returns to California for new role

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Christian Stracke, global head of credit research, will run Emea from bond giant’s London office

BNP Paribas flies in Lynagh from New York to head UK global banking

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Mark Lynagh is succeeding Matthew Ponsonby who has resigned from the bank

PwC hires Jefferies managing director in deals push

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Big Four firm boosts insurance M&A team with hire from US bank

Shares in European banks sank further on Friday, adding to losses triggered by Wednesday’s announcement of U.S. tariffs and their effects on global trade and economic activity, after China slapped retaliatory tariffs on U.S. goods.

European Bank Stocks Extend Losses From Tariff Fallout

Global government bonds extend their rally in the aftermath of Trump’s tariffs, despite key payrolls data coming in stronger than expected.

Bonds Rally as Investors Seek Safety From Tariff Turmoil

Yoon Suk Yeol’s ouster over his martial-law decree triggers a snap vote to elect a leader who will face challenges on trade, U.S. relations and North Korea.

By Timothy W. Martin, Soobin Kim and Dasl Yoon | Photographs by Tim Franco for WSJ 

Race for South Korea’s Next Leader Starts With Dismissal of President

His announcement stunned markets. It could also push countries—including the U.S.—to the brink of recession.

Trump’s Tariffs Aim to Create a New World Economic Order

More than $6 billion from heists highlights the sophistication of cyber operations funneling cash to Kim Jong Un’s nuclear program.

By Patricia Kowsmann in Singapore and Timothy W. Martin in Seoul 

How North Korea Cheated Its Way to Crypto Billions

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