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This year Morgan Stanley’s (NYSE:MS) chief executive officer James Gorman is feeling a bit more upbeat about the economy in the U.S. and Europe, according to a report by CNBC.
The year has started a little firmer,” said Gorman during the Davos World Economic Forum. “The U.S. is in a little better shape than the markets have appreciated, and the markets are catching up.”
“We’re getting to better resolution in Europe [although] it’s still taking time,” he added. “So the overall tone is certainly not worse than last year and I think there’s room for optimism.”
Morgan Stanley has emerged from a tangle of legacy issues that resulted from the 2008 financial crisis, including a recent settlement with MBIA (NYSE:MBI) said CNBC. Morgan Stanley is now focusing on merging Smith Barney into its brokerage operations, instead of using assets for stock buybacks or increasing profits.
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