He does concede there is enormous change as, post-2008, shareholders and regulators have figured out "rolling the dice" with other people's money wasn't a good business model (it works for those rolling the dice, though).
The full results of Morgan's plan to deliver steadier returns have not yet been realized, says Gorman, but the big move in the stock last year and improved credit-worthiness show some progress. While 2013 was tough for fixed income and commodities, "If you had a strong equities franchise, a strong asset-management wealth-management business, you do much better. And that’s where we came out."
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