Morgan Stanley’s ‘most attractive business’ is fixed income: CEO

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NEW YORK (Reuters) – Morgan Stanley (MS.N) Chief Executive Officer James Gorman called the bank’s fixed-income group its “most attractive business” on Tuesday at a conference the Wall Street firm held in New York.

FILE PHOTO: Morgan Stanley CEO James Gorman participates in a conversation-style interview with Economic Club of Washington in Washington September 18, 2013. REUTERS/Yuri Gripas/File Photo

Despite being one of Morgan Stanley’s smallest divisions, Gorman said, it has enormous incremental upside. Last year, the bank set a target to produce $1 billion in quarterly fixed-income revenue, on average, each year.

Gorman, who is also chairman of Morgan Stanley, added the U.S. bank will move 400-500 employees out of the United Kingdom to other European nations as a result of Britain’s vote to leave the European Union.

Reporting by Elizabeth Dilts in New York; Editing by Matthew Lewis

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