Morgan Stanley Chief Executive James Gorman said he sees the risk of a U.S. recession at about 50% even as he’s more focused on nonfinancial perils, including the possibility of cyberattacks.
“It was inevitable this inflation was not transitory, it was inevitable the Fed would have to move faster than they were projecting,” Gorman said Monday at the Morgan Stanley US Financials, Payments and CRE conference. “There was a legitimate recession risk. I used to think it was about 30%. It’s probably more like 50% now — it’s not 100%. It behooves you to be a little cautious.”
Morgan Stanley has strong liquidity and capital, and a sturdy credit profile, Gorman said, adding that his focus is more on nonfinancial risks such as data stability, cyber and operations risk “given where we are around the world and some of the geopolitical uncertainty associated with that.”
The fallout could hurt some institutions with some “potentially fatally damaged,” though U.S. banks are in very good shape, the CEO said.
New joint research by T. Rowe Price, MIT, and Stanford University finds more diverse asset allocations among older participants.
With its asset pipeline bursting past $13 billion, Farther is looking to build more momentum with three new managing directors.
A Department of Labor proposal to scrap a regulatory provision under ERISA could create uncertainty for fiduciaries, the trade association argues.
"We continue to feel confident about our ability to capture 90%," LPL CEO Rich Steinmeier told analysts during the firm's 2nd quarter earnings call.
It's the mega-RIA firm's third $1B+ acquisition in just three months.
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Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.
