Morgan Stanley CEO James Gorman blamed mismanagement and recklessness for the spate of bank failures earlier this year.
In an attempt to forestall another financial crisis, regulators have forced banks to hold larger capital reserves and take fewer risks, which has made the whole system safer, Gorman told the Financial Times in an interview published on Friday.
Read More : Morgan Stanley CEO Attributes 2023 Bank Failures to ‘Stupidity of Their Own Management