“Some people are going to be let go,” CEO James Gorman said at the Reuters NEXT conference, without specifying numbers.
“Some people are going to be let go,” Gorman said at the Reuters NEXT conference, without specifying numbers. “We’re making some modest cuts all over the globe. In most businesses, that’s what you do after many years of growth.”continues at levels way above the Federal Reserve’s 2% target. That has put pressure on investment banks, which earned billions of dollars in advisory fees amid unfettered market optimism last year.
On Wednesday, Netflix co-founder Reed Hastings called Musk “the bravest, most creative person on the planet.” Gorman said Morgan Stanley was targeting bringing in $1 trillion of new money every three years. He said the bank plans to boost client assets to $10 trillion, without specifying a timeframe for the target. Client assets, which include wealth and investment management businesses, After taking the helm at the Wall Street giant in 2010, Gorman has transformed Morgan Stanley into a more diversified firm less reliant on its traditional strengths — trading and investment banking.
He struck major deals including the acquisitions of money manager Eaton Vance, online broker E*Trade, stock-plan manager Solium Capital and Smith Barney, a brokerage and investment adviser that became a cornerstone of the bank’s wealth management arm. Wealth management accounted for 47% of Morgan Stanley’s revenue in the third quarter, compared with 34% during his first quarter as chief executive.
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