Bloomberg News reports that, speaking to Bloomberg Television in Beijing, where the firm is hosting its China summit, Gorman said a 6% return on equity in the first quarter was in “a very challenging environment” and he sees “a lot of upside.”
“As these markets start to rebound to a more normal environment, which is what we’re seeing now relative to early February, Morgan Stanley will obviously do better,” he said.
Shaken at the start of the year by a slump in trading revenue, big U.S. investment banks are trimming jobs and cutting costs. While Morgan Stanley’s profit exceeded analysts’ estimates for the first quarter, it fell 53% from a year earlier to $1.13bn.
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