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Morgan Stanley's second quarter trading revenue unlikely to beat first-quarter: CEO

Kitco News

NEW YORK (Reuters) - Morgan Stanley’s second quarter trading revenue is unlikely to beat results of the first three months of the year, as the last two weeks have been “quite hard”, the bank’s Chief Executive James Gorman said on Tuesday.

The bank plans to “run it tight” on expenses, but issues remain, including crisis-era legal expenses and technology depreciation, Gorman said speaking at the company’s annual U.S. Financials Conference. The bank’s tax rate is also expected to be higher in the second quarter, Gorman added.

Reporting by Lauren Tara LaCapra

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