RUSH TRANSCRIPT 9 dots ░░░░░░░░ the next meeting Sonali ░░░░░░░░ appreciate the clear language ░░░░░░░░ also said today Asia ░░░░░░░░ a really big part ░░░░░░░░ your gain in equities ░░░░░░░░ quarter around Seen a ░░░░░░░░ of volatility built around ░░░░░░░░ crackdowns How do you ░░░░░░░░ the region and its ░░░░░░░░ to help you push ░░░░░░░░ in the next few ░░░░░░░░ or years James we ░░░░░░░░ a huge business in ░░░░░░░░ but all the way ░░░░░░░░ I grew up in ░░░░░░░░ all the way to ░░░░░░░░ China Hong Kong through ░░░░░░░░ east Asia Indonesia and ░░░░░░░░ it is quite a ░░░░░░░░ business We are not ░░░░░░░░ in China Relative to ░░░░░░░░ opportunity we do very ░░░░░░░░ We have a nature ░░░░░░░░ nayshare license but 95 ░░░░░░░░ U S based We ░░░░░░░░ a huge buffer and ░░░░░░░░ we are very U ░░░░░░░░ centric with the wealth ░░░░░░░░ and institutional trading businesses ░░░░░░░░ diversified geographically China is ░░░░░░░░ to us But the ░░░░░░░░ tension and whatever happens ░░░░░░░░ a result is not ░░░░░░░░ to change the trajectory ░░░░░░░░ Morgan Stanley Guy really ░░░░░░░░ your time today Thank ░░░░░░░░ for so much of ░░░░░░░░ Morgan Stanley chairman and ░░░░░░░░ gyms gorman and our ░░░░░░░░ to sonali basak James ░░░░░░░░ and our things to ░░░░░░░░ basak Let s talk ░░░░░░░░ the numbers coming out ░░░░░░░░ the banks David what ░░░░░░░░ you make of what ░░░░░░░░ just heard David they ░░░░░░░░ not showing any real ░░░░░░░░ If you re beating ░░░░░░░░ number because of reserves ░░░░░░░░ market is not quick ░░░░░░░░ count that They want ░░░░░░░░ mirror the success with ░░░░░░░░ to their growth into ░░░░░░░░ retail and asset management ░░░░░░░░ which are less cyclical ░░░░░░░░ your corporate investment banking ░░░░░░░░ trading Alix do you ░░░░░░░░ the numbers we have ░░░░░░░░ for Morgan Stanley like ░░░░░░░░ in 1 billion in ░░░░░░░░ fees equity underwriting above ░░░░░░░░ billion is this the ░░░░░░░░ or is there more ░░░░░░░░ to boost when it ░░░░░░░░ to Morgan Stanley David ░░░░░░░░ question I thing are ░░░░░░░░ to the top It ░░░░░░░░ difficult to ever call ░░░░░░░░ top on anything but ░░░░░░░░ are close I also ░░░░░░░░ the asset management businesses ░░░░░░░░ close to a top ░░░░░░░░ general We have seen ░░░░░░░░ and profit growth purely ░░░░░░░░ acquisition and scale We ░░░░░░░░ a position last week ░░░░░░░░ distribution is not enough ░░░░░░░░ firms are very commoditized ░░░░░░░░ Sachs and Morgan Stanley ░░░░░░░░ the end of the ░░░░░░░░ the asset management business ░░░░░░░░ commoditized Talent is going ░░░░░░░░ get more expensive because ░░░░░░░░ are few people that ░░░░░░░░ beat the market These ░░░░░░░░ are going to have ░░░░░░░░ continue to innovate in ░░░░░░░░ way we are not ░░░░░░░░ them talk about Talk ░░░░░░░░ really strong franchises huge ░░░░░░░░ and scale I don ░░░░░░░░ think that is enough ░░░░░░░░ Guy how do they ░░░░░░░░ that We have clearly ░░░░░░░░ acquisitions taking place You ░░░░░░░░ to Jamie Dimon and ░░░░░░░░ him talk about fintech ░░░░░░░░ the fact it is ░░░░░░░░ in a different ballpark ░░░░░░░░ the one he is ░░░░░░░░ in because of regulation ░░░░░░░░ this industry just going ░░░░░░░░ continue to eat up ░░░░░░░░ fintech as it comes ░░░░░░░░ How did they compete ░░░░░░░░ it if they can ░░░░░░░░ do that What is ░░░░░░░░ strategy There is a ░░░░░░░░ world developing in financial ░░░░░░░░ at the moment that ░░░░░░░░ on a different regulatory ░░░░░░░░ David this is going ░░░░░░░░ be fascinating because you ░░░░░░░░ JP Morgan Morgan Stanley ░░░░░░░░ done the right thing ░░░░░░░░ had huge numbers of ░░░░░░░░ relationships and that is ░░░░░░░░ thing that for all ░░░░░░░░ technological superiority d5 particles ░░░░░░░░ not have You cannot ░░░░░░░░ money if you do ░░░░░░░░ own the customer relationship ░░░░░░░░ is a large strategic ░░░░░░░░ for the big banks ░░░░░░░░ they don t have ░░░░░░░░ the ability to keep ░░░░░░░░ with the protocols and ░░░░░░░░ technology if they do ░░░░░░░░ buy their way and ░░░░░░░░ also have a lot ░░░░░░░░ cash to do that ░░░░░░░░ I think you re ░░░░░░░░ to see is a ░░░░░░░░ transformation of these traditional ░░░░░░░░ into more tech savvy ░░░░░░░░ via acquisition A gradual ░░░░░░░░ as these technologies become ░░░░░░░░ we are going to ░░░░░░░░ it there Thank you ░░░░░░░░ much David Trainer new ░░░░░░░░ CEO Appreciate that Coming ░░░░░░░░ finance minister bruno le ░░░░░░░░ wrapping up with reporters ░░░░░░░░ will be joining us ░░░░░░░░ This is bloomberg.