Gorman Touts Differences From Dimon on Risk Management
This article is for subscribers only.
While JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon was in Washington preparing to explain his firm’s $2 billion trading loss, Morgan Stanley CEO James Gorman was in New York making the case to investors why it couldn’t happen at his firm.
Gorman, who didn’t mention JPMorgan in his presentation yesterday, highlighted the improvements Morgan Stanley has made in risk-governance since the 2008 financial crisis. Investors and analysts have voiced concerns that JPMorgan’s loss is evidence of risky behavior at all banks, and Morgan Stanley has been forced to address mistakes in its own recent past.