New York | James Gorman, Morgan Stanley’s chief executive, said the worst effects of the pandemic had passed for the US labour market and economy, as he defended American banks’ plans to continue paying dividends during a deep recession.
Mr Gorman told bank clients at its annual financials conference, held virtually this year, that the unexpected gains in US employment for May shown in data released last week “suggests that the worst is behind us for broader economic growth and employment”.
