Morgan Stanley Has No Plans To Exit Fixed Income

Morgan Stanley CEO James Gorman sat down with Bloomberg Television's Erik Schatzker at the bank's headquarters in New York and said that he's "very comfortable with the headcount we have right now. These have been tough decisions."

Gorman also said that "fixed income can be a terrific business" and "we're getting there."  He said that "it would be foolish to exit."

Video and excerpts below:

Gorman on how Morgan Stanley aggressively cuts costs without laying off more employees:

"We are very comfortable with the headcount we have right now. These have been tough decisions. No one enjoys going through...