Morgan Stanley (MS) Plans to Move Forward in Acquiring Remaining Stake in Smith Barney

Morgan Stanley (NYSE: MS) said that it intends to "move forward" with its intentions to purchase the of the investment bank's joint venture in Smith Barney.

The firm's CEO James Gorman said Monday that the deal Morgan Stanley has with Citigroup Inc. (NYSE: C) allows his bank to have an open-ended option to be more or less aggressive in buying the remaining stake in Smith Barney.

It was reported last week that Morgan Stanley could delay the timetable for purchasing the remaining parts of Smith Barney in order to meet the tougher capital requirements for banks coming in 2013.

Gorman said that the firms plans to "move forward on the first trigger" in regards to the May 2012 option the firm has to acquire the next 14 percent stake in Morgan Stanley Smith Barney

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