To the Editor:
Compared with the rest of my holdings in the financial sector, I am overweight MS (“Morgan Stanley’s Next Hurdle,” April 7). After reading this cover story, I realize that Morgan Stanley under CEO James Gorman aspires to become Citicorp, Bank of America, Credit Suisse, Paribas, or Deutsche Bank. That’s very competitive. I bought Morgan Stanley (and Goldman Sachs, too) for their expertise in proprietary trading and investment banking. True, the past three years didn’t exactly provide the climate to flourish, but it will come back. However, being wealth-management-heavy, especially for the mass market, creates a lot of conflicts that wouldn’t make the regulators happy. Time to rebalance my portfolio.
Edward Kwok, On Barrons.com
Source: https://www.barrons.com/articles/time-to-trim-my-morgan-stanley-stake-fbb0b4eb?siteid=yhoof2&yptr=yahoo