Once synonymous with investment banking, the Morgan Stanley has evolved significantly over the past ten years as the latest strategic update given on 16 January by James Gorman, its chairman and chief executive makes clear.

Back in 2010, investment banking or “institutional securities” accounted for 74 percent of the New York-based institution’s pre-tax profits with wealth and investment management accounting for the remainder.

By 2019, investment banking accounted for just 49 percent of pre-tax profits with wealth and investment management accounting for 51 percent.

Moreover, this does not reflect a sig...