Gorman Says Wall Street Banks Don’t Need to Be Broken Up

Morgan Stanley and the biggest U.S. banks should remain intact, Chairman and Chief Executive Officer James Gorman said, rejecting his predecessor’s assertion that the firm would be worth more broken up.

“This is a knee-jerk discussion that’s been going on,” Gorman, 53, said today in an interview with Erik Schatzker on Bloomberg’s “Market Makers” television program. “We need to just calm down, let this play out with the new regulation, the new capital rules, and at that point then figure out which businesses to accelerate, and which businesses to slow down.”