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Different strokes

20 January 2021 By John Foley

Covid-19 delivered a trading windfall for James Gorman’s firm as it did for rivals, adding about $5 bln to 2020 revenue. Banks can’t rely on a repeat of 2020’s dislocations, but Gorman’s stock-fueled M&A means Morgan Stanley can shrewdly reach the masses while low rates continue.

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