Morgan Stanley, which last year missed an internal trading-revenue target by more than 40 percent, is under pressure to show improvement after a two-year effort to turn around the firm’s fixed-income trading business...Chief Executive Officer James Gorman, 53, is looking to prove to investors this week when results are reported that the firm is advancing toward his goal of boosting market share in fixed-income trading by 2 percentage points. With the stock down 69 percent since 2006 to $21.09 last week, Colm Kelleher and Ken deRegt, both 20-year veterans of the company, aim to succeed at a task that has taken down three senior executives. “I’m absolutely surprised at how slow it has been,” said Brad Hintz, an analyst at Sanford C. Bernstein & Co. who has a “buy” rating on the firm’s shares and is a former Morgan Stanley treasurer. “I’d love to tell you what the trajectory is going to be, but I don’t know how rapidly one can come back...The problem is that clients have long memories. “If you’re no longer the first button on a phone, it takes a long time to become the first button.” [Bloomberg]
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And the changes don't stop there!
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