'It's a process and what matters is they pick somebody who has the skillset to lead this type of company,' Morgan Stanley's James Gorman says on the board's search for a new CEO. 'We have 3 phenomenal candidates so it's set up really well.'
"The firm delivered solid results in a challenging market environment," Gorman said in the earnings release. "The quarter started with macroeconomic uncertainties and subdued client activity, but ended with a more constructive tone."
The bank's Wall Street division fared less well. The institutional securities business posted an 8% drop in revenue to $5.65 billion, driven by declines in trading. While equities trading generated $2.55 billion in revenue, topping the $2.37 billion FactSet estimate, fixed income produced $1.72 billion, which was well below the $1.99 billion estimate.
Gorman said Tuesday during a conference call that the bank's board was continuing to evaluate three internal candidates for CEO and that he would remain as executive chairman once his successor was promoted.
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