On Thursday's Market Foolery, host Chris hill alongside Simon Erickson, a Motley Fool Rule Breakers analyst, and David Hanson, a Fool.com financial analyst, look at Morgan Stanley's (MS 0.29%) turn around with CEO James Gorman at the helm.
Chris offers that second quarter profits for Morgan Stanley nearly doubled thanks in part to a tax benefit. The company's wealth management section showed strong results and he thinks the company is running quite well. David focuses on the new CEO James Gorman who has focused on wealth management, which isn't a risky business. In doing so, Gorman avoids risk and works toward reliability. David sees Gorman as rationalizing the business and results show that he's done a great job-especially since Morgan Stanley almost went under in 2008 and the stock has doubled in the last year or so.
When talking about big banks, Chris mentions, that analysts usually lump them all together except for Well Fargo. Chris says that Well Fargo is usually set aside and he wonders if Morgan Stanley should also be set apart because they aren't competing with the big Wall Street banks. David acknowledges that there's quite a bit of difference with what Morgan Stanley now works hard to do and what the big banks focus on.
