Beijing’s new tech control strategy
FT News Briefing
Forhecz Topher
4.4 • 1.3K Ratings
🗓️ 18 January 2023
⏱️ 11 minutes
🧾️ Download transcript
Summary
Goldman Sachs’ profits plunged by two-thirds last quarter while Morgan Stanley reported a 40 per cent year-on-year drop in net income, and companies are facing a record number of shareholder proposals about abortion policies. Plus, Beijing is changing tack in its efforts to secure a firmer grip on the country’s technology companies.
Mentioned in this podcast:
Morgan Stanley retains edge over Goldman due to booming wealth unit
China moves to take ‘golden shares’ in Alibaba and Tencent units
China tech stocks stage $700bn recovery rally
Shareholders bring US abortion battle to the boardroom
The FT News Briefing is produced by Fiona Symon, Sonja Hutson and Marc Filippino. The show’s editor is Jess Smith. Additional help by Peter Barber, Michael Lello, David da Silva and Gavin Kallmann. Topher Forhecz is the FT’s executive producer. The FT’s global head of audio is Cheryl Brumley. The show’s theme song is by Metaphor Music.
Read a transcript of this episode on FT.com
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Transcript
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| 0:00.0 | The FT News Briefing is supported by Equinole, the UK's energy partner. |
| 0:06.3 | Learn more at equinole.co.uk |
| 0:09.8 | Good morning from the Financial Times. |
| 0:11.2 | Today is Wednesday, January 18th, and this is your FT News Briefing. |
| 0:18.4 | On Wall Street, we've got a tale of two big investment banks. |
| 0:22.1 | China's lifting its crackdown on tech companies, but it won't be giving up its control. |
| 0:28.0 | And US shareholders want to know more about companies abortion policies. |
| 0:33.1 | I'm Mark Philippineau, and here's the news you need to start your day. |
| 0:42.8 | Two of Wall Street's most powerful investment banks came out yesterday with fourth quarter earnings, |
| 0:47.5 | Goldman Sachs and Morgan Stanley both reported plunging profits, |
| 0:52.0 | and investors pummeled Goldman shares. |
| 0:54.8 | But they flocked to those of Morgan Stanley. |
| 0:57.6 | The FT's Brookmasters explains the different responses. |
| 1:01.2 | Well, basically, investors freaked out about Goldman because there was a sense that |
| 1:07.4 | Goldman has not succeeded in finding other kinds of revenue sources and is highly dependent |
| 1:13.8 | still on investment banking. Goldman also has been making clear that its original plan, |
| 1:19.2 | which was to get very focused on consumer banking, hasn't been working very well. |
| 1:23.1 | Meanwhile, Morgan Stanley shares POPs because Morgan Stanley could point to its wealth |
| 1:28.1 | management division. This is helping rich people manage their money |
| 1:31.9 | where they had record revenue. And the CEO there, James Gorman, has been trying for years |
| 1:37.6 | to focus more attention and more resources on stable revenue in things like investment |
| 1:43.6 | management, asset management, wealth management. And this was actual proof in that in a quarter |
... |
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