Morgan Stanley Chief Executive Officer James Gorman said a deep or dramatic recession in the US is unlikely, and the bank is “long the US” in most of its businesses.
If he had to use one word to describe the macroeconomic environment, it would be complicated, Gorman said on Morgan Stanley’s second-quarter earnings call Thursday.
“I think it’s important to say, though, it is not 2008 complicated,” he said. “We’re in specifically much better shape.”
Gorman pointed to the rapidly rising interest-rate environment, the tail of Covid, Russia’s invasion of Ukraine, political changes in places like the UK, supply-chain issues and China relations.
Europe is probably in the hardest position, he added, because of the war in Ukraine and the pressure that has put on gas prices in the region.
“Frankly, for our business model, I think we fare relatively well. And evidence of that is our confidence in the future,” the CEO said.
This article was provided by Bloomberg News.