Next year is going to be better for the retail investor, Morgan Stanley president and CEO James Gorman told CNBC Thursday.
“The confidence has turned,” said Gorman, and he takes that as a sign that in 2011 investors will be back. “We’ve had a 20 percent lift in the last six months in the equity markets.”
Gorman characterized 2010 as a year of transition for the bank , which was the lead bank in the GMIPO (initial public offering).
“We have hired 700 people year to date, brought in a lot of senior talent to buttress our trading businesses,” he added.
“We have taken down prop desk and built up our client-facing businesses. It repositions with the Morgan Stanley story, which is a client-facing institution.”