"We see a clear path to meeting and then exceeding our cost of equity," says Morgan Stanley (MS...

|About: Morgan Stanley (MS)|By:, SA News Editor

"We see a clear path to meeting and then exceeding our cost of equity," says Morgan Stanley (MS +7.3%) CEO Gorman on the conference call (transcript). The first order of business will be getting regulatory approval to acquire the rest of Smith Barney - wealth management had a pre-tax margin of 17% in Q4, ahead of a 15% goal. In the areas of risk-asset and expense reduction, the bank is also well ahead of its goals. (earnings)