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Edward Pick

Chief Executive Officer & Chairman of the Board, Morgan Stanley

Search every verified Edward Pick interview, podcast appearance, and on-the-record quote — each transcript cross-checked by AI and human review to confirm speaker identity. On October 14, 2026, Morgan Stanley Chairman and CEO Ted Pick discussed the firm's third-quarter earnings, reporting firmwide revenue of $20.3 billion and earnings per share of $3.03, with a return on tangible equity of 22.6%, marking the fifth consecutive quarter above 20%. He noted that total client assets across wealth and investment management grew by nearly $400 billion during the quarter to a record $10.5 trillion. In an interview on CNBC's "Squawk on the Street," Pick expressed cautious optimism about the fourth quarter, citing the AI phenomenon as a real driver of economic growth, while noting that geopolitical factors remain a known unknown. He stated that Morgan Stanley is acting as a central advisor to clients across wealth, investment banking, and markets businesses. Pick also addressed the AI investment cycle, describing it as a once-in-a-generation phenomenon and reiterating his view that the cycle is only 10-15% through its deployment. He suggested that AI-related capital expenditures could reach $1 trillion to $1.2 trillion next year, contributing 50 to 70 basis points to U.S. real GDP, and projected long-term investment in the space could total $10 to $15 trillion. He emphasized Morgan Stanley's role as a trusted advisor in structuring private versus public debt and equity within the AI ecosystem, and described productivity gains from AI tools across the firm's operations, including in finance and equities.

Recent appearances

Notable quotes

“Well, I think when I say adolescence, I mean a learning it's a learning period. You know, it's growing like a weed. And that, as you know, is a function of an asset class that didn't exist ten or 15 years ago, where effectively the street was replaced on that. It's around 1,000,000,000,007 high yields at about 1,000,000,000,007 levered lending is at about trillion 527. So it's relevant. But the AIG stack, as you know”

“I think the biggest risk continues to be that inflation gets imported around the world again through the energy complex, and eventually it works its way through the food and general living ecosystem. And that becomes that becomes challenging that that that clears the cost of capital. And effectively, then you start talking about the R word. The good news, we're not talking about the R word. And so that, you know, tha”

“If the conflict had gone on for a number of quarters and we started to see energy costs get effectively imported from Asia through Europe to the U.S., what would that do to the calendar, both the M&A calendar, the IPO calendar? ... Today's question is, if the conflict can be boxed at some level, would we expect the coming to the market of these great companies, but also smaller, very high quality sponsor companies to”

“The biggest risk continues to be that inflation gets imported around the world again through the energy complex and eventually, of course, this way through the food and general living ecosystem. And that becomes that becomes challenging, that that requires the cost of capital. And effectively, then you start talking about the R word. The good news, we're not talking about the R word.”

“It's sort of a dissonance right now when you talk to business leaders about how much enthusiasm there is for deals and for energy in the US economy, and then when you hear the policymakers you hear uncertainty and you hear 'Sell America'. After 20 years of financial repression, we're back to live markets and live nation states.”

“AI acts as an accelerant to that, too, if you want to actually get after the productivity gains and embedded in AI, you have to have the wherewithal to do it. If your market cap is 30 or 40 billion, that's tough; if you're two or 300 billion, maybe you got a shot.”

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