The financial landscape is changing and certain macro themes are beginning to emerge.

I’m not sure if the words ‘good corporate governance’ exist in the Russian language. But I was slightly bemused to read that John Mack, the former CEO of Morgan Stanley, had been appointed, in June, to the board of Rosneft, the Russian oil and gas company. The state owns some 70% of Rosneft. This strikes me as an odd job for a former red-blooded baron of Wall Street capitalism. Meanwhile Mack was also named to the board of Glencore Xstrata in June.

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Over in big bad bank land, the going remains tough. Morgan Stanley was the latest bank to announce big job losses. In January, the firm initiated 1,600 job cuts in addition to the large head-count cull that it undertook last year. Apparently, a large number of managing directors and executive directors will be shown the door in both the investment banking and trading areas. No one grieves when an investment banker loses his or her job. But what people are worrying about is a new compensation scheme that Morgan Stanley announced in mid-January whereby employees earning more than $350,000 in total whose bonuses were at least $50,000 would have 100% of their annual bonus deferred over three years. Lower disposable income on Wall Street affects numerous hangers-on lower down the food chain: think estate agents, car dealers, top-end tailors and watchmakers.

It was the month, rather than the night, of long knives in investment banking this November.

Pandit and Havens used to work at Morgan Stanley. In fact, at one time, Pandit was president of the firm. As James Gorman struggles with John Mack’s legacy, a wild thought crosses my mind. Might Pandit one day return to run his alma mater? Over at Morgan Stanley, Gorman is facing the third anniversary of his ascension to the chief executive throne. And the going has not been easy.

The received wisdom is that if Morgan Stanley gets into too much trouble, Mitsubishi will step in to save it. Will that still be the case now that Nomura’s grandiose international project has ended with a whimper?

The firm has moved up Euromoney’s FX rankings as it broadens its client base.

Of course, there is another big IPO coming to a screen near you shortly. I am talking about the phenomenal Facebook deal, which is veiled under a hefty shroud of secrecy but which seems to be scheduled for the launch pad in mid-May. I wonder if that will mark the peak of the equity market this year? Morgan Stanley is the lead underwriter for this fiercely contended deal.

Despite 2011 being a poor year for the hedge fund community, Morgan Stanley’s co-heads of FX Stephen Glynn and Senad Prusac are upbeat about their division’s performance during the past 12 months.

Morgan Stanley follows Bank of America and Citigroup in using accounting methods to reveal a rise in income to $2.2 billion for this year’s third quarter.

The run on Morgan Stanley’s stock and credit default swaps in the final days of September had alarming similarities to the collapse in confidence in the bank during 2008.

Bank’s monopoly under threat after the launch of rival products by Citigroup and Morgan Stanley.

Morgan Stanley has launched FX Gateway, a new multi-manager platform aimed at providing institutional investors access to select currency managers.

Goldman Sachs cut out trading completely in the first quarter – at least that’s what the language of its earnings filing indicates. The bank managed to avoid using the t-word at any point in its earnings announcement, although it mentioned clients 29 times and made 46 references to investment.

Morgan Stanley recently unwound credit hedges on monoline insurer MBIA at possibly a big loss. This could hit first-quarter results for the firm’s troubled fixed-income division and compound its reputation as disaster-prone, at least when it comes to credit trading.

Chicago veteran Strong to move to HK; Laroia heads equities, Richdale investment banking

Thomas to return to the US; top China banker could share role with Hong Kong-based colleague

Threatens UBS dominance in core IB revenue; Still lags competitors in Australia

Funding costs are rising and the markets periodically shut down. But regulators want you to raise more and to hold more short-term liquidity that you can’t reinvest at a profit. You don’t know how regulators will classify your risk assets or how much capital they will require you to hold. But it will be more than you have. Raising it will cost more than you can earn as a return on it. Fancy a challenge? Become a CFO. Peter Lee reports.

Morgan Stanley is back in the top 10 in the FX survey. Investment in people and technology seems to have paid off. Alexandra Fletcher reports.

Morgan Stanley is looking to play catch-up in online FX trading as it rolls out its new Matrix platform to clients.

Full merger plans become two subsidiaries; Alliance prevents sale of stake in MS for now.

Complex new arrangement splits venture in two; MUFG CEO says no sale of stake in MS for now .

Morgan Stanley’s incoming CEO explains strategy; Mack and Chammah take new responsibilities

Daiwa, Nikko split from commercial partners; Kirin/Suntory shows corporate Japan’s pragmatism

I congratulate Morgan Stanley’s board for having made a decision rather than tiptoeing around the succession story until it became the elephant in the room. But there will be challenges ahead.

Morgan Stanley has reported negative results for the past three quarters, but is still waving its chequebook around as it seeks to build up its trading businesses. First up is Jack DiMaio, who is joining the firm as its global head of interest rate, credit and currency trading. Further down the pecking order, the bank is believed to have lured Stuart Sopp from Citi Singapore to take up a senior spot-trading role in its Hong Kong office.

Morgan Stanley’s fixed-income traders have not excelled and in 2009 the firm has failed to capitalize on opportunities in the flow businesses

Lending opportunities open up for Japan’s banks