Morgan Stanley CEO Sees Trading Drop Similar to JPMorgan, Bank of America
- JPMorgan, Bank of America estimates reflect reality: Gorman
- Morgan Stanley CEO James Gorman speaks in Beijing interview
Morgan Stanley's Gorman Says Bank Is on Track
Morgan Stanley Chief Executive Officer James Gorman indicated his firm is seeing similar trading declines as competitors JPMorgan Chase & Co. and Bank of America Corp., which said second-quarter trading revenue is on pace to drop at least 10 percent.
The estimates from JPMorgan and Bank of America “are reflecting reality and I don’t think we’re very different,” Gorman said in an interview with Bloomberg Television’s Tom Mackenzie in Beijing. “We all have similar clients, if not the same clients.”
Markets revenue at JPMorgan was down about 15 percent in April and May from a year earlier, driven by a slump in fixed income, Chief Financial Officer Marianne Lake said Wednesday at an investor conference in New York. At Bank of America, revenue from the business will be 10 percent to 12 percent lower, though first-half results should be stronger, Chief Executive Officer Brian Moynihan said at a separate event.