Five years after the worst financial crisis since the Great Depression rocked global markets, Morgan Stanley CEO James Gorman told CNBC on Tuesday the U.S. financial system is unlikely to suffer another calamity of the same magnitude.
"There is nearly zero chance of seeing a financial crisis like the one we just had and I truly believe that," Gorman said. "There will clearly be shocks and crisis, but the kind and nature that we saw, I truly believe the U.S. financial system is in dramatically better shape than it's been in in a long time."
Asked about the call for regulation in the years after the financial meltdown, Gorman told "Street Signs" that regulation was a necessary response.
"The banks didn't have enough liquidity. They didn't have enough capital and their leverage was too high and that's been changed and for the better and as a result, the banking system is much healthier than it otherwise would have been," Gorman said.