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i would suggest ceo of the year in your world, maybe james gorman.james gorman done differently at morgan stanley that the other bankers have not done? >> all these banks are very different. i think everyone wants to slap them into one situation, but these guys have done a great job with the wealth management, they have done a great job on the fixed-income side, but i think -- they have moved through the crisis better than other institutions, but they are a little bit smaller then these other guys. when you look at jamie dimon, jpmorgan, these guys are much bigger and much harder to move the ship around. so i think that morgan stanley is a little smaller and i give them an advantage in the situation. >> paul, if these are the guys doing it right, who is doing it wrong? you are rated by bloomberg as the number one analyst of getting be sure side of banking right. who is doing it wrong right now? >> when you look at these, i think they are all doing a pretty good job. i think once that are just too big are the ones that are struggling. they come americ

james gorman is embarking on a fairly radical transformation of morgan stanley from a firm that was like goldman sachs pre-2008 to a firm much more based on dispensing advice both on brokerage level to retail customers and to investment banking clients on a broader capital markets level. is that, is that model working? we're going to see that affirmation of both of those models i think in a couple weeks. melissa: yeah. >> i think consensus is, and dick can check me on this, goldman sachs will not make as much money. we're going to see cracks in their business model. you never know. goldman sachs pulls one out of their hat every now and then. make this is it. morgan stanley model will be interesting to see where they come out on that. those are the two things i'm looking for, which model of an investment bank going forward, take the bank banks out, it will be a battle between more gag and goldman. melissa: dick, before we run out of time you make a point that the trading business is tough and look at a market that is tanking today and lost a lot of confidence, how do you think that impact

james gorman talked to "squawk on the street."e a look. >> i think you'll have more variability in commodities and fixed income than any of the other business lines we have. what's interesting about the business mix here is over 80% is institutional equities. investment banking, wealth management and asset management. the most volatile part of the film is now a relatively small part of the firm. >> that on top of the fact that its investment banking pipeline seems to have increased since the end of the year, which is in contrast to what goldman sachs said. >> whether they were lucky or it was foresight, they've done a great job. they have differentiated themselves and ahead of the curve. they're making money on the fee based businesses. they're investment management and doing great. that's what goldman sachs is probably lacking right now. morgan stanley's fic unit did really well. depending how you want to look at it, it trades about the same as goldman sachs. but in the world we live in today, and it kills me to say this, it's pr

we should note we will be interview james gorman today on squawk in the street. 10:30 eastern.y of estimates. shares trading sharply higher this morning. about $3.25 higher. 555.65 is the number. it has been one of the momentum stocks that lost its mojo. it slowed down sharply the past couple of weeks, fall 4% the past month. could a spring bounce help get them moving again? nicole miller reagan, senior restaurant analyst at piper jaffery. are you in? >> i am today. >> the best food in the country. you're in the right place. do they have chipotle? >> they do. i get up to channel check it as often as possible. absolutely. >> walk us through these numbers. what do you make of them? >> the top line is awesome. the bottom line, a bit of a miss versus consensus. we're in a high cost to goods inflation period especially as it relates to produce. >> and avocados is one of their problems? chicken is part of the problem? >> exactly. >> you have a price target of $550 on this stock? >> along with the rest of the street, the investors, it's been chasing this one. there's no other good mid

under current throughout this period of the last year is how well james gorman is doing. okay.s stock had a nice move up and it's kind of gently come down. i think this upgrade -- how much can they buy back. you have a book value, the government still in charge, but this is a very interesting call because i think the citigroup number has emboldened analysts to get a little more bullish about the industry. i think this call works, david. i think morgan stanley can go back to where it was. >> company reporting earnings i believe it's thursday morning. >> very big call ahead. >> obviously very important for them. >> yes. >> and remember they -- >> smith barney business. i think is working for them. i think gorman is correctly integrated the companies. i remember work day a stock people don't like, was brought in to really make this amalgamation. it's good. they have a real book value. it's a strong story that has sold off. >> not that they aren't doing advisory work. they advised yesterday, advised today zebra on the motorola deal. let's move on. >> hh greg, might not care about i

we've got lloyd lang fine, head gorman,n stanley, james and the number of other companies will be representedre as well. i would say in the re-there should be a breakdown in our economic relations with russia american corporations and financial institutions seem to still be willing to do business. >> we are in this intermediate phase right now where it's not clear what the intentions are or at least putin hasn't stepped over the boundary of an actual invasion. true that western financial interests and business interests in germany just want things to go on, but they will not go on. bankers may be there, they put later there and take it out of the banks. anybody want to put money there? >> they think they are going to make business. money is leaving russia, new projects are not going forward, there's is loss of capital and capital flight, and that's youly to continue even if have the sessions, meetings and so forth. >> it is an economic problem. that should be what influences him back to the center. -- >> putin needs connections with normal world-class industry around the world for russia to h