Chris Wheeler, banking analyst at Mediobanca, says Morgan Stanley (MS) has a significant pool of legacy assets which aren’t earning anything and he questions how long the firm can carry that capital weight on its shoulders. Wheeler has an underperform rating on Goldman Sachs based on what he calls its ‘opaqueness’ and because it won’t diversify enough. Wheeler says banks need to stay diversified in order to satisfy clients in different parts of the businesses. Wheeler speaks with Bloomberg’s Kathleen Hays and Vonnie Quinn on Bloomberg Radio’s "The Hays Advantage”.
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