NEW YORK, June 12 (Reuters) - Morgan Stanley 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.
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)