Morgan Stanley CEO Gorman: We're not taking 'victory laps'

After a big earnings beat and an analyst price target boost, Morgan Stanley CEO says not is not the time to get 'too excited.'

Morgan Stanley stock was higher Wednesday after a strong quarterly earnings report, but CEO James Gorman says it's no time for "victory laps" at the bank quite yet.

The major Wall Street banks posted solid quarterly results, with most beating analysts' expectations for both earnings and revenue. That comes after a painful first quarter, where big banks' trading and banking teams saw performance hammered by a volatile market.

Gorman spoke on CNBC Wednesday morning after Morgan Stanley soundly beat earnings and revenue expectations for its second-quarter performance. But after the big beat, the CEO wasn't so sanguine.

"I don't get too excited," he said, adding that "I don't get too down" when the bank struggles, either.

Not everyone is so subdued on Morgan Stanley's quarter, of course. Ken Leon, equity analyst at S&P Global Market Intelligence, raised his price target for the bank's stock after its big earnings beat, saying he sees "opportunity for growth in client trading and underwriting," among other positives. The ratings agency maintained its "buy" opinion for Morgan Stanley shares, with a new 12-month price target of $33.

Gorman said he changed around his travel plans to visit London earlier this week. He told CNBC that he's been reassuring Morgan Stanley staffers as the bank begins to consider how it will deal with the Brexit vote, which is broadly expected to relocate potentially thousands of bankers — or cost them their jobs.

While Gorman expects to have to reshuffle some employees, he also said his U.K. staff will not be relocated wholesale.

"London is going to remain a critical part of our footprint," he said. "We're not having a knee-jerk reaction here. This is going to unfold over at least a five-year" timetable.

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