Morgan Stanley Chairman & Chief Executive Officer James Gorman testifies before the House Financial Services Committee on accountability for mega banks in the Rayburn House Office Building on Capitol Hill in Washington, DC on April 10, 2019.
MANDEL NGAN | AFP | Getty Images
Morgan Stanley CEO James Gorman said that China and the U.S. must come to a truce in its trade dispute because a full-blown trade war would be devastating for the global economy.
“We can’t have a trade war,” Gorman said in an interview with CNBC’s Wilfred Frost. “It will have a devastating effect to the global economy. That doesn’t mean there can’t be changes to the way the trade agreements are being written.”
Morgan Stanley is the sixth biggest U.S. bank by assets, but it has leading businesses in Wall Street arenas like equities trading and mergers advice and it also runs one of the biggest wealth management brokerages. Like its big-bank peers, the company will disclose whether the Federal Reserve will allow it to raise its dividend and share repurchase program on Thursday.
The bank’s shares have climbed 9.4% this year.
This story is developing. Please check back for updates.
