Banks: Morgan Stanley FICC re-tasked

Morgan Stanley: FICC re-tasked

The FICC division’s new revenue target of $1.5-2.5bn per quarter appears attainable…

… but challenging.  Specifically, revenues may be impacted by RWA cuts; and we doubt the integration between Institutional Securities and Global Wealth Management will be smooth.  Our quick analysis of the balance sheet, however, indicates that FICC is already repositioning.

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