James Gorman doesn’t want people getting ahead of themselves after his bank’s record quarter.
Bloomberg News reports that Morgan Stanley’s chief executive officer said Wednesday that he’s not preparing to raise profitability targets. When Wells Fargo analyst Mike Mayo noted that the bank’s return on equity in the quarter already surpassed the goal it set just three months ago, Gorman reminded him that things can change quickly.
“There are these things called the markets that operate here,” Gorman said on a call with analysts, saying his firm aims for steady performance. “We will do fine when the markets are tough, and we will do better when the markets are good.”
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