real-time news and commentary for investors
Friday, Sep 6
Gorman: Zero chance of another crisis
- "The probability of it happening again in our lifetime is as close to zero as I could imagine," Morgan Stanley (MS +0.8%) CEO James Gorman tells Charlie Rose in what hopefully won't be added to the list of ill-timed boners from captains of industry.
- He cites different management at financial firms, higher capital ratios, and changes int he business mix - "it's dramatic." Among Morgan Stanley's own steps is the purchase of Smith Barney from Citigroup in the hope of a steady stream of fee business.
- "The largest financial institutions in the U.S. are as healthy now as they have ever been."
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