| Morgan Stanley CEO James Gorman said that he’s encouraged by Merrill Lynch’s higher profit margin: “It’s great news, because it’s proof positive that doubling up in this space was a smart thing to do…I always like to see somebody out there who’s setting a higher bar as a demonstration of what can be done.”
On the banking industry, Gorman said, “I think things are pretty rational right now to be honest. I’ve been in and around the industry for 25 years. It is a sober environment that we operate in. The leadership of the banks, all of whom I know pretty well, are very sober quality professional people. I don’t see a lot of holes at the large institutions in terms of rational behavior at all.”..............................................Full Article: Source
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