4/16/2020, 6:04 PM (Source: TeleTrader)
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Morgan Stanley CEO: Recession to last until 2022

Chief Executive Officer of Morgan Stanley James Gorman said on Thursday he believes the coronavirus-induced global recession will last until the end of next year.

"If I were a betting man, it’s somewhere between a U or L shaped recovery," Gorman, who tested positive for COVID-19 himself, told CNBC. "I would say through the end of next year, we’re going to be working through the global recession," he added.

"We’re not going to get to the point where everybody is on the subway in one day. To get consumers and small businesses back and to get everybody feeling like the world is stable again, that’s going to take months," Gorman concluded.

Morgan Stanley reported its first-quarter earnings earlier in the day.

Breaking the News / JC