Monday, July 18, 2011

Morgan Stanley Seeks Rebound in Fixed-Income (After Missing Target by 40%)

Morgan Stanley CEO James Gorman. James Gorman, 53, is looking to prove to investors this week when results are reported that the firm is advancing toward his goal of boosting market share in fixed-income trading by 2 percentage points, reports Bloomberg

Morgan Stanley, which last year missed an internal trading-revenue target by more than 40 percent, is under pressure to show improvement after a two-year effort to turn around the firm’s fixed-income trading business.
The fixed-income unit failed to deliver on a promised revenue increase last year, leading to the missed target, according to a person with direct knowledge of the figures. It has been beset by management turnover, weak markets, bad bets and a struggle to win back clients lost when the firm retrenched during the financial crisis, according to interviews with nine current and former executives who requested anonymity because they weren’t authorized to speak….

Read the rest at http://www.bloomberg.com/news/2011-07-18/morgan-stanley-seeks-fixed-income-rebound-after-missing-target.html

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