Executives insist that this does not presage a new Morgan Stanley but merely a rebalancing towards less volatile, client-facing businesses, many of which, such as merger advice and securities underwriting, were the firm's bread and butter before it contracted Goldman-envy. The firm has “cut off” the bits that made aggressive bets with its own capital, says Mr Gorman. Suspect units included a single mortgage desk that lost $9.6 billion. His mantra is “originate, distribute and manage capital”, not punt your own.

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