Morgan Stanley will eventually triple is assets under management to more than $20tn, its chief executive has claimed.
James Gorman, who plans to step down by the middle of the year, made the claims even as the Wall Street bank announced lacklustre figures, with net income falling 13% year on year to $2.2bn.
Gorman said the bank’s wealth management business had become “a pretty much unstoppable force” that, together with its asset management division, would make good on a target for $10tn in assets under management and eventually get to $20tn.
