From CNBC:

New Morgan Stanley CEO Ted Pick is confident that the bank will hit its financial targets of $10 trillion in client assets and a 20% return. Pick outlined his three priorities: sticking to the strategy of his predecessor James Gorman, maintaining the bank’s culture, and meeting these targets. He expressed a positive outlook at the World Economic Forum in Switzerland.

Pick’s predecessor, James Gorman, transformed Morgan Stanley into a wealth management giant, but recent concerns about growth in that business have hurt the stock, which is down 12% in the last year. Pick emphasized their unique combination of a leading investment bank with wealth management operations as the “secret sauce” that will drive growth.

Pick also anticipates a rebound in corporate mergers and other activities this year, as a backlog of deals has been building since before the Covid pandemic began in 2020. He believes that there is a lot of potential activity that will pick up as people start getting going.

Regarding the U.S. economy, Pick stated that it is “probably past peak inflation” and that it is “not inconceivable” that the Federal Reserve may need to cut rates faster than anticipated due to weakening data.



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