He noted twice that Morgan Stanley has jettisoned or is in the process of dumping all of its businesses that do proprietary trading, or trading for the bank’s own profit.
Gorman also said, unprompted, that the bank maintains the right to take back pay from executives who act improperly. Gorman was confronted by shouting protesters who said the loss at JPMorgan was proof that banks are out of touch with their customers.
On Monday, Ina Drew, JPMorgan’s chief investment officer and one of the highest-ranking women on Wall Street, left the bank. Drew oversaw the trading group responsible for the $2 billion loss.
• Pallavi Gogoi reported from New York. AP business writer Christina Rexrode in New York and Associated Press writers Tom Hays in New York and Andrew Taylor in Washington contributed to this report.