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Morgan Stanley shares soar after Gorman boosts performance targets


(Reuters) - Morgan Stanley lifted its performance goals on Thursday after beating Wall Street estimates by a wide margin, the latest sign that Chief Executive James Gorman’s strategic vision for the bank is bearing fruit.

Morgan Stanley set the bar higher for expense controls, returns on equity and wealth management profits over the next two years and beyond, according to a presentation on its website.

Its shares soared 5.7% in premarket trading.

The bank is now targeting an efficiency ratio of 70-72% over the next two years and under 70% for the long term. That metric, which measures costs ...


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