Morgan Stanley making 'modest' job cuts; CEO 'wouldn't bet against' Musk

Gorman said Morgan Stanley was targeting bringing in $1 trillion of new money from clients every three years. The bank plans to eventually boost assets under management to $10 trillion, he said, without specifying a timeframe for the target.

He struck major deals including the acquisitions of money manager Eaton Vance, online broker E*Trade, stock-plan manager Solium Capital and Smith Barney, a brokerage and investment adviser that became a cornerstone of the bank's wealth management arm. Wealth management accounted for 47% of Morgan Stanley's revenue in the third quarter, compared with 34% during his first quarter as chief executive.

After a dozen years leading the bank, Gorman said he was preparing four potential successors, without naming them. Morgan Stanley co-presidents Ted Pick and Andy Saperstein, chief operating officer Jonathan Pruzan, and head of investment management Dan Simkowitz are widely seen as contenders for the top job.

"I have a plan, and I don't do a lot of things by accident when it comes to running a business," he said. "There will be a plan, there will be a result, one of those four executives will run Morgan Stanley, we will hit $10 trillion in assets.

Wow

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