Weekly Global News Wrap: Morgan Stanley rolling out gen AI support for FAs; Russia’s Sovcombank sues HSBC to recover debt

And private equity firms allege fraud as they seek $750m from Morgan Stanely.

From Reuters:
Morgan Stanley is being sued for at least $750m by private equity firms claiming they were defrauded in an investment with a high-speed rail company.

Affiliates of Certares Management and Knighthead Capital Management accused Morgan Stanley of breach of contract.

The bank was also accused of fraud for unlawfully restructuring a transaction in which they had invested in a loan to Brightline Holdings.

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From CNBC:
Morgan Stanley is rolling out an assistant created with OpenAI’s latest generative AI software for its financial advisors and their support staff, according to a memo obtained by CNBC.

Co-president Andy Saperstein said that he believes that generative AI will revolutionize client interactions, make advisor practices more efficient, and free up more time for its advisors.

Competitors including Goldman Sachs and JPMorgan Chase have also announced projects based on generative AI technology.

ALSO READ: ‘Optimism’ drives credit activity growth in Hong Kong

From Reuters:
Russian private lender Sovcombank has filed a lawsuit with a Russian court against British bank HSBC, seeking to recover debt in roubles equivalent to 12,958 ounces of gold, court filings showed.

Sovcombank was one of the banks placed under U.S. sanctions on 24 February 2022, the day Russia sent tens of thousands of troops into Ukraine.

Prior to being put under sanctions, Sovcombank was one of the largest operators on Russia's precious metals market.

A court hearing in Kostroma, northeast of Moscow, has been scheduled for 14 March 2024.

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