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Speaking at Morgan Stanley’s annual US financials conference late Tuesday, the Chief Executive Officer (CEO) of the UIS banking giant, James Gorman, said the dramatic recovery in markets has been a surprise to him.

Additional quotes

“The worst is behind us.”

“The improvement in part to the bank’s credit portfolio, which does not include a credit-card business or lending to small businesses – sectors badly hit by the COVID-19 pandemic.”

“Expect to cover its dividend “very easily” this year, and that it would look at reinstituting buybacks in the next several months, once there is more clarity on the health of the economy.”

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