Morgan Stanley is in the midst of revamping its fixed income, currencies, and credit businesses by hiring new sales people in the hope of regaining client wallet share, according to Nomura Securities analyst Glenn Schorr.

Schorr recently met with Co-President, Institutional Securities, Colm Kelleher and Global Head of Rates, Credit, and Currency, Jack Di Maio, who told him they are about nine months into a two-year revamp. The goal is a 200 basis point improvement in market share, Schorr wrote in a note to clients, which equals about $3 billion in annual revenues. The company has averaged about $2 billion in core revenues over the past seven quarters, so an additional $750 million per quarter would be a 37% increase and would add close to 12 cents in quarterly earnings per share and about 150 basis points to the firm’s returns, he added.

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