Morgan Stanley lifted its performance goals on Thursday after beating Wall Stree...
) lifted its performance goals on Thursday after beating Wall Street estimates by a wide margin, the latest sign that Chief Executive James Gorman’s strategic vision for the bank is bearing fruit.
Analysts cheered the new targets, after repeatedly asking management when Morgan Stanley might upgrade them, since the bank was routinely meeting previous goals.The bank posted its presentation after reporting a fourth-quarter profit beat that showed most of its businesses flourishing. Since taking over a decade ago, the 61-year-old CEO has transformed Morgan Stanley from a Wall Street firm heavily weighted in money-losing trading businesses into a more balanced bank. He was the driving force behind Morgan Stanley’s decision to acquire Smith Barney, and made wealth management the cornerstone of his plan to stabilize revenue.
Over the next two years, Gorman wants Morgan Stanley to hit an efficiency ratio of 70-72%. Over the long-term, he is hoping the bank can get to 70% or less. Morgan Stanley now aims to produce ROE of 13-15% through 2022, and 15-17% after that. Its 11.7% ROE last year was within Gorman’s prior targeted range of 10-13%.
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