Financials still have a long way to go to get back to their pre-Lehman levels. Can the following Street survivor help the sector make a full recovery?
We’re talking about Morgan Stanley - standing strong since 1935 it was a nearly a casualty itself of the Wall Street crisis.
But after the dust settled and it was certain that Morgan would live to fight another day CEO John Mack decided not to take any chances. As words like "leverage" and "risk" became dirty words, Mack played it safe.
As it turned out, "better safe than sorry" was the wrong playbook and Morgan missed out on the market rally of a lifetime.
While the Goldman guys were celebrating record profits Mack posted 3 straight quarterly losses and eventually got the knife.
Taking the helm now, is heir apparent James Gorman. And while some applaud the move, his lack of experience leaves others market mavens shaking their heads.
“The one concern I have with him, and I don't think it's a new concern, is that he really does lack experience on the institutional side of the business,” Sandler O’Neil analyst Jeff Harte says.
Can Morgan Stanley's new captain turn this ship around?
See what the Fast Money traders have to say. Watch the video now.