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Morgan Stanley CEO slams US trade policy, regulations


Reuters


NEW YORK, June 11 (Reuters) - The United States is edging dangerously close to a "full-blown" trade war with China, and its regulators impose overly punitive financial regulations, Morgan Stanley Chief Executive Officer James Gorman said on Tuesday.

Following a recent visit to Asia, Gorman is concerned that the United States and China have moved from a "tit-for-tat" dispute to something worse, he said at a financial conference hosted by his bank.

"If we have a full-blown trade war, I think that's a disaster," Gorman said. "Both countries have enormous self interest in putting this back on the tracks."

"Regulators in my view were excessively cautious," he said.

Gorman also suggested that Morgan Stanley's second-quarter results will not be as strong as in the previous quarter, citing a trading slowdown and issues like higher tax expenses.

The last two weeks have been "quite hard" in trading, he said, but the bank is trying to control expenses to make up for the revenue shortfall.






This article appears in: Stocks , Politics
Referenced Symbols: MS



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