Morgan Stanley is looking at potential acquisitions but only if they meet very strict strategic criteria, CEO Ted Pick told analysts on Wednesday. The company is open to buying smaller companies that complement its core businesses—primarily wealth and investment management—but will remain disciplined.
“There are opportunities out there, and we’re certainly evaluating them, but the bar is super high,” Pick said during the bank’s post-earnings call. “We’re not doing deals for the sake of deals.”
His comments signal continuity with his predecessor, James Gorman, who led transformative acquisitions like Eaton Vance, E*Trade, and Solium Capital, helping Morgan Stanley build a dominant wealth platform.
Pick emphasized the firm’s strong track record of integrations, but acknowledged that M&A in investment management has delivered mixed results across the industry. “We’re cautious and humble about what it takes to make them work,” he added.
Rival Goldman Sachs also beat earnings expectations and struck a similar tone. CEO David Solomon said the bank remains open to strategic deals but echoed the importance of scale and selectivity in wealth and asset management.
Goldman currently oversees $3.3 trillion in assets, with $1.7 trillion in its core wealth business. Like Morgan Stanley, it’s focused on growing through deliberate, high-value transactions.
