Morgan Stanley's Gorman says bank targeting $1 billion in FICC trading per quarter
Morgan Stanley Chairman and CEO Gorman speaks during the Institute of International Finance Annual Meeting in WashingtonThomson Reuters
(Reuters) - Morgan Stanley is targeting quarterly revenue of around $1 billion for its fixed income, currencies and commodities trading unit, Chief Executive James Gorman said on Tuesday.
The Wall Street bank is seeing revenues grow in its bond trading business even with reduced headcount, Gorman said, speaking at the bank's U.S. Financials Conference in New York.
Last year, Morgan Stanley cut 25 percent of its fixed income trading jobs. Wall Street firms broadly are struggling with weakness in their fixed income units as regulations have made trading less profitable.
(Reporting by Olivia Oran; Editng by Alan Crosby)
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