Wall Street’s Reputation Remains in Doghouse, Gorman Says
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Wall Street’s reputation will remain “in the doghouse” as long as trading scandals continue to plague the industry, Morgan Stanley Chief Executive Officer James Gorman said.
“Say you want to be out ahead of it and give a lot of speeches and talk about all the good we’re doing,” Gorman said today at an industry conference in New York. “And then some trader does some stupid thing like this guy at UBS did and he’s in jail and all bets are off,” Gorman said. He was referring to Kweku Adoboli, the UBS AG trader convicted of fraud this month in the largest unauthorized trading loss in British history.