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WHEN: Today, Tuesday, April 21st
WHERE: CNBC's "Squawk on the Street "
Following are excerpts from the unofficial transcript of a CNBC EXCLUSIVE interview with Morgan Stanley Chairman & CEO James Gorman on CNBC's "Squawk on the Street" (M-F, 9AM-11AM ET) today. Following is a link to the interview on CNBC.com: http://video.cnbc.com/gallery/?video=3000373029.
All references must be sourced to CNBC.
GORMAN ON EARNINGS
We said, David, many times we would get to ten percent and beyond that. That seems to me a minimum ticket of entry and this business is to meet and exceed your constant capital. We did it this quarter, whether we do it every single quarter this year I 'm not particularly concerned about I am concerned about the trajectory. If we're in and around 10 percent this year that would be terrific it's sustainable because our business model supports that kind of return.
GORMAN ON MARKETS
I wouldn't take too much in how the markets traded the last couple of days. There's been a lot of volatility in the last few days; you know concerns around Greece, for example, and the whole Federal Reserve posture on rates so we're living with uncertainty; when you have uncertainty and you have a big blow out in earnings, the question is always going to be how sustainable.
GORMAN ON LONGTERM
We like our strategy. We clearly believe there is more upside, that's what we laid out in our six-point plan at the beginning of this year. It's coming together we had a nice capital plan approved by the Federal Reserve, increased our dividend by 50%, after doubling it last year, increased our buyback from one billion to two and a half. These are all positives. The firm has momentum so medium-long-term I am very confident.
GORMAN ON ENGINE ROOM
The wealth and asset management gives us the ballast and the securities businesses gives us the engine room for the speed. What we saw this quarter was strong terrific ballast but we saw real activity in the engine room because the markets were more volatile and as a result there was more client activity more volume; and as the global economies recover, you'll get more speed in that engine room so we kind of like the way these two things are working together.
GORMAN ON INTEREST RATES
If you take an economy growing at 2-3% the banks will capitalize, the corporate balance sheet is strong, consumer balance sheet is strong, 401k's have gone up three years in a row, 15 percent-ish, housing prices have largely recovered; the answer to all of that in terms of interest rate would not be zero. There is no answer which gives you a zero. So the simple question is when does the Fed feel comfortable, given the strength of the dollar and given low inflation, making that first move of twenty-five basis point. I believe it will come this year.
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