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01

Morgan Stanley CEO Sees Trading Drop Similar to JPMorgan, Bank of America

By Tony Seruga

JPMorgan, Bank of America estimates reflect reality: Gorman
Morgan Stanley CEO James Gorman speaks in Beijing interview

Morgan Stanley Chief Executive Officer James Gorman indicated his firm is seeing similar trading declines as competitors JPMorgan Chase & Co. and Bank of America Corp., which said second-quarter trading revenue is on pace to drop at least 10 percent.

The estimates from JPMorgan and Bank of America “are reflecting reality and I don’t think we’re very different,” Gorman said in an interview with Bloomberg Television’s Tom Mackenzie in Beijing. “We all have similar clients, if not the same clients.”…

Morgan Stanley CEO Sees Trading Drop Similar to JPMorgan, Bank of America

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