Wall Street’s reputation will remain “in the doghouse” as
long as trading scandals continue to plague the industry, Morgan Stanley CEOJames Gorman said.
“Say you want to be out ahead of it and give a lot of
speeches and talk about all the good we’re doing,” Gorman said today at an
industry conference in New York. “And then some trader does some stupid thing
like this guy at UBS did and he’s in jail and all bets are off,” Gorman said.
He was referring to Kweku Adoboli, the UBS trader convicted of fraud this month
in the largest unauthorized trading loss in British history.
Americans’ confidence in U.S. banks fell to a record low of
21 percent in June, with the percentage saying they have “a great deal” or
“quite a lot” of faith in financial institutions about half that in 2007,
according to a Gallup poll. Financial services and banking were the
least-trusted industries in an annual survey released in January…...
Fascinated? Quick - while the flavor lasts go to Wall Street’s Reputation Remains a Dog’s Lunchhttp://www.bloomberg.com/news/2012-11-29/wall-street-s-reputation-remains-in-doghouse-gorman-says.html
No comments:
Post a Comment