"Morgan Stanley's New CEO Ted Pick Faces Stock Drop, Warns of Economic Risks, and Pledges Stability"

Investors reacted negatively to Morgan Stanley's new CEO Ted Pick's earnings debut, causing the firm's stock to fall more than 4% as profits dropped 32% in the fourth quarter due to charges associated with a Justice Department settlement and lower margins in the wealth management business. Pick aims to maintain the structure established by his predecessor, James Gorman, and reinforced four goals, including a 30% margin in the wealth management business, $10 trillion in assets for wealth and investment management, a 70% firm-wide efficiency ratio, and a 20% return on tangible equity, but acknowledged that achieving these targets will take time.