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03

Trading Volatility Doesn’t Faze Morgan Stanley’s Gorman

By Tony Seruga

James P. Gorman, chairman and chief executive of Morgan Stanley. CreditKarsten Moran for The New York Times

A difficult third quarter for the fixed-income trading business isn’t going to make Morgan Stanley’s chairman and chief executive, James P. Gorman, give up and go home, and it doesn’t mean the bank intends to turn away from the volatility-prone securities business.

If Morgan Stanley is an aircraft carrier, he said at the DealBook conferenceon Tuesday, wealth management is the “ballast” and the securities business — underwriting stock and bond issues, bringing companies public, advising on mergers — is the “engine room.”…

Trading Volatility Doesn’t Faze Morgan Stanley’s Gorman

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