Morgan Stanley warns of more pain ahead after profit slumps 30%
CEO James Gorman recently recovered from Covid-19
16 April 2020 - 20:08
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...
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