Private banking: Morgan Stanley’s Gorman faces up to his latest challenge

Since the beginning of 2006, Morgan Stanley’s private wealth management business has been streamlined into a slicker, more profitable business. Total client assets have increased from $624 billion to $734 billion, and quarterly profits before tax have increased from $20 million to $287 million. Helen Avery talks to Morgan Stanley’s co-president, president and chief operating officer of global wealth management, James Gorman, on how he turned Morgan Stanley’s wealth management business around, the firm’s plans for the future, and his thoughts on the private banking industry.