OPINION: The Australian CEO of Morgan Stanley, James Gorman, shares with Chanticleer the four lessons learned in his remaking of the Wall St bank.
Every investment banker has a way of making their institution look like No. 1 in their field, but only one chief executive from the big four Wall St banks has achieved superiority in total shareholder returns over the past decade.
Growth in the wealth management business has underpinned the bank’s superior performance against Goldman Sachs, JP Morgan and Bank of America over the past one, two, three, five and 10-year periods, according to Bloomberg.P 500 by 18 per cent, 27 per cent over two years, 58 per cent over three years and 43 per cent over five years., which showed full-year net revenues of $US53.7 billion compared with $59.8 billion in the prior year. Net income was $US11 billion, or $US6.
Gorman’s second lesson is: “Be very aggressive when ‘you have the cards’. We have done three large deals since the crisis and two of them, Smith Barney and ETrade, are among if not the largest done by any bank since 2008.” Gorman’s third lesson is: “Stick to your guns! Everyone is a critic but without new facts they are no more right than wrong. Opinions are not facts! Results are facts.”
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
ASX LIVE: Australian shares are poised to rise; Morgan Stanley rises, Goldman Sachs slidesAustralian shares are set to open higher. Dow slides, S&P 500 slips, Nasdaq edges up. $A reaches for US70¢. Bitcoin rally intact.
Read more »
UK to again hold talks with EU to break Northern Ireland Brexit impasseForeign secretary James Cleverly meeting EC’s Maroš Šefčovič on Monday for second time in week
Read more »
For this pharma boss, fishing is an experience in positivityHe catches nothing ‘almost always’, but James Graham says that if you try, and keep on trying, the fish will be there somewhere.
Read more »
Media urges federal court to abandon changes to document accessJournalists and editors from across Australia’s media sector are urging Federal Court Chief Justice James Allsop to wind back rules restricting access to court documents which were implemented without any consultation.
Read more »