With the five-year anniversary of the financial meltdown just around the corner, many still worry it could happen all over again. But James Gorman isn't one of them.
Gorman, chief executive at Morgan Stanley (MS), told "The Charlie Rose Show" (via Bloomberg) that he believes the likelihood of another panic of the kind that nearly drove the U.S. economy to the brink is very low. "The probability of it happening again in our lifetime is as close to zero as I could imagine," Gorman said.
Financial-services companies today are very different animals, he said. "The way these firms are managed, the amount of capital that they have, the amount of liquidity that they have, the changes in their business mix -- it's dramatic."
For more on Gorman's comments about the U.S. financial crisis and the state of banks today, read more of the Bloomberg article.
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