Ted Pick Inherits a Morgan Stanley That’s Never Been More Boring

Morgan Stanley is looking very boring. And Ted Pick, its new boss, couldn’t be prouder.

In his first quarterly earnings report to investors on Tuesday morning, the new chief executive officer began his presentation with charts that show “15 years of transformation” for the firm. From 2009 to 2014, this firm’s revenue and profit mostly came from its Wall Street side. That became closer to an even split from 2015 to 2019, though its institutional securities half still made more money from 2020 to 2022.

WATCH: Morgan Stanley warns about growth in the wealth business.

Source: Bloomberg

Not anymore. The wealth and investment management units were responsible for 58% of ...