Morgan Stanley has launched a push to close the gap with more profitable rivals such as Goldman Sachs and JPMorgan Chase, creating a team of senior bankers to cross-sell more of its products to hundreds of companies and investors.
James Gorman, chief executive, told the Financial Times the initiative was crucial to his strategy of boosting revenues while eschewing the trading bets and investments in property and hedge funds that hurt the bank.
In 2009, Morgan Stanley recorded its first loss in 23 years as a public company, while Goldman and JPMorgan earned large profits. Morgan Stanley returned to the black in the first quarter of 2010.
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