Dick Bove: James Gorman Will Do It Like Dimon
According to Dick Bove, James Gorman, noted bro of John Mack, does not want to follow in the footsteps of his predecessor but rather another CEO. In his latest report on Morgan Stanley, the analyst says Gorman is "clearly taking the approach that Jamie Dimon adopted in rebuilding his bank."
He is focusing on the "nuts and bolts" of the businesses and attempting to improve each activity without making any sweeping visionary commitments.
Also, James doesn't care about what the government says or does, he's above that. And he won't give crazy statements like the one Mack gave in Davos.
He'll just pretend the government doesn't exist.
Per Bove, who listened to James' presentation yesterday: "What was most surprising is that the plan did not include any reference to the activities in Congress that may impact the company's future business model. Either he thinks they will not happen, or he believes that the changes being proposed will not impact Morgan in any major fashion."
