Citigroup Inc. boss Jane Fraser struck a similar note this week: “We’re fairly cautious around crypto as a bank. We proceed with great caution on that one as to where the value is and isn’t,” she said. “I am frankly much more excited about the technologies behind crypto than some of the products themselves.”
In September, Morgan Stanley said Sheena Shah will lead a new team researching cryptocurrencies. On the earnings call, Gorman added that the firm isn’t directly trading crypto for retail clients, instead giving them access to buy crypto through various funds. “For us, honestly, it’s just not a huge part of the business demand from our clients. And that may evolve and we’ll evolve with it,” he said. “We’re watchful of it, we’re respectful, and we’ll wait and see how the regulators handle it.”
Photo: Morgan Stanley
