Morgan Stanley warns of more pain ahead after profit slumps 30%

New York —  Morgan Stanley CEO James Gorman warned on Thursday that the bank would take “longer to achieve” its medium-term financial targets due to the coronavirus crisis, after its first-quarter profit slumped by 30%.

In January, just before the virus started spreading about the world, Gorman boosted the bank's performance targets and set new goals for cost-cutting, returns on equity and wealth management profits over the next two years and beyond...