Investment bank Morgan Stanley says it swung to a profit in the fourth quarter and the company's CEO says it isn't planning any more job cuts.
Today, CEO, James Gorman was interviewed on CNBC, right around the time the bank's earnings report hit. He confirmed that they had completed their latest round of 1,600 job cuts last week and this week.
The bank has eliminated about 6,000 positions over the past year, and Gorman said he believes they are finished laying off workers, calling it "an unpleasant thing to go through."
"I believe we are done," he said. "I feel very comfortable with where we are as an organization."
In a company statement, Gorman said, "After a year of significant challenges, Morgan Stanley (NYSE:MS) has reached a pivot point. Our firm is now poised to reach the returns of which it is capable on behalf of our shareholders."
Gorman said the bank has also reached a turning point in Morgan Stanley's operations.
"The story is: We had a stronger, but not perfect, fourth quarter," Gorman said. "If we think about all the digging and shoveling and cleaning up over the past years, that's done. Now we get to the fun part."
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