Morgan Stanley chief says firm on course for better returns

Morgan Stanley CEO James Gorman sounded a positive note about the Wall Street bank’s business, telling investors to “stay tuned” for better performance as markets recover.

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.

To access the complete Bloomberg News article hit the link below:

Morgan Stanley’s Gorman Says ‘Stay Tuned’ for Better Returns

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