- Over the course of a number of meeting with investors, Morgan Stanley (NYSE:MS) management was hit with a barrage of questions as to why it hadn't moved to aggressively cut expenses in the face of lame fixed-income business, reports the WSJ. The shareholders were concerned that not only was the bank planning to stay the course, but even potentially expand.
- “It’s OK for investors to be frustrated with the progress in fixed income,” says Evercore ISI's Glenn Schorr. “Everything else at Morgan Stanley has been going well. At the end of the day, if fixed income was less bad, the company’s [stock price] and returns would be better.”
- Previously: Morgan Stanley to cut fixed income staff by 25%, reports say (Nov. 30)