This just in: Morgan Stanley (NYSE:MS) has had four consecutive quarters of fixed-income revenue north of $1B - the longest streak since 2010. Since the promotion of Ted Pick in 2015 - he now oversees both stock and debt trading - the bank's market share in fixed-income among the five big U.S. firms has doubled.
Source: Liz Hoffman in the WSJ
Q2's near an end, and word from shops like Citigroup and JPMorgan suggests a sizable industry slowdown. Pick has been telling associates the trading operation has "omentum," i.e.momentum with an "m" so small, it's invisible.
In any case, Pick's success - the 48 year-old has been at Morgan Stanley for his entire career - has likely put him on the short list of those possibly succeeding CEO James Gorman (who has hinted he wants to stay on for a few more years).