'It’s big, it’s meaningful, but it’s not life changing'.
The moves represent as much as 10% of the 5,000 employees the bank has in Britain.
“It’s big, it’s meaningful, but it’s not life changing,” Gorman said Tuesday at an event hosted by his bank. “It’s net negative, there’s nothing particularly good about Brexit.”
In the meantime, Bloomberg also reports that Morgan Stanley’s goal of generating about $1 billion in average quarterly bond-trading revenue is probably too conservative.
“Well north of a billion on average a quarter I think through the years is definitely sustainable,” Chief Executive Officer James Gorman said Tuesday at an industry conference sponsored by his firm. “The pool has been expanding” as higher volatility and interest rates fuel a rebound, he said.