What Morgan Stanley said

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Morgan Stanley's call regarding its first quarter results has just finished.

For those who didn't listen in, here are the salient points.

On the compensation ratio

It's going down. The compensation ratio in the institutional securities business in the first quarter was 41%, but this included an accrual for the UK bonus tax. Last year it was 65%.

The bank still aims to reduce the compensation ratio over time.

On FICC revenues and FICC hiring

There was no mention of whether hiring for FICC is now complete, but there was mention of a, "multi-quarter build" and a "significant increase in distribution and footprint in IR, FX and emerging markets."

Rates and credit were particularly strong in the last quarter. The 350 hires the bank has made across sales and trading have had a, "staggered start," and "ramping up takes time." The real impact of recent hires in FICC will be "measured over future quarters."

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