Morgan Stanley is making modest job cuts worldwide, Chief Executive Officer James Gorman said on Thursday, as sluggish deal markets weigh on Wall Street profits.
Gorman said Morgan Stanley was targeting bringing in $1 trillion of new money from clients every three years. The bank plans to eventually boost assets under management to $10 trillion, he said, without specifying a timeframe for the target.
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.
After a dozen years leading the bank, Gorman said he was preparing four potential successors, without naming them. Morgan Stanley co-presidents Ted Pick and Andy Saperstein, chief operating officer Jonathan Pruzan, and head of investment management Dan Simkowitz are widely seen as contenders for the top job.
"I have a plan, and I don't do a lot of things by accident when it comes to running a business," he said. "There will be a plan, there will be a result, one of those four executives will run Morgan Stanley, we will hit $10 trillion in assets.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Morgan Stanley CEO James Gorman defends Elon Musk amid Twitter chaosMorgan Stanley CEO James Gorman defends Elon Musk amid layoffs and chaos at Twitter - and says he's not concerned about the bank's massive loan to the Tesla exec
Read more »
Morgan Stanley CEO James Gorman making ‘modest’ job cuts“Some people are going to be let go,” CEO James Gorman said at the Reuters NEXT conference, without specifying numbers.
Read more »
Morgan Stanley CEO Doesn’t Think Crypto Is a FadMorgan Stanley CEO James Gorman sees no intrinsic value in cryptocurrencies
Read more »
Netflix co-CEO calls Elon Musk 'bravest, most creative person'Netflix co-CEO calls Elon Musk the 'bravest, most creative person on the planet,' says people should 'give the guy a break'
Read more »
Elon Musk meets Apple CEO Tim Cook, says issues resolvedMusk reportedly met Cook at Apple's campus in Cupertino where he was convinced that Twitter was never at risk of being removed from the App Store.
Read more »
Tesla CEO Elon Musk kicks off first Semi truck deliveriesTesla originally showed off the Semi design in Dec. 2017.
Read more »