NEW YORK, Might 31 (Reuters) – Morgan Stanley (MS.N) expects its income from buying and selling and funding banking to hunch within the second quarter given a more difficult financial atmosphere, co-president Andy Saperstein informed buyers Wednesday.
Gross sales and buying and selling “outcomes can be notably down 12 months over 12 months versus a robust second quarter final 12 months,” whereas “funding banking can also be very challenged,” mentioned Saperstein, who additionally leads Morgan Stanley’s wealth administration arm.
Saperstein, who’s a candidate to succeed CEO James Gorman, mentioned the wealth enterprise is aiming to achieve $12 billion in annual pretax earnings over a number of years, and greater than double its consumer belongings underneath administration to $10 trillion from a present $4.6 trillion. The financial institution is open to acquisition alternatives in wealth and asset administration, he added.
Individually, Saperstein mentioned the usage of synthetic intelligence may remodel the work of monetary advisers who serve rich purchasers.
“We’re frequently in search of game-changing know-how to combine into our platform,” he mentioned. “One current instance of that strategy to innovation is our partnership with open AI. That relationship started properly over a 12 months in the past, earlier than they had been a family title.”
Reporting by Tatiana Bautzer; Enhancing by Lananh Nguyen and Diane Craft
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