Tuesday 14 June 2022 10:01 AM Aussie multi-millionaire, Morgan Stanley CEO, James Gorman says US recession ... trends now
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One of the most high-powered Aussie executives in corporate America says the threat to the world's biggest economy has grown significantly as the US inflation rate soars.
James P. Gorman, the richly-paid CEO of billion-dollar investment bank Morgan Stanley, revised his predictions of a recession saying it is far more likely than he'd previously predicted.
The Australian share market suffered its worst plunge since March 2020 on Tuesday as the steepest American inflation in four decades spooked investors.
James P. Gorman, the richly-paid Aussie CEO of billion-dollar investment bank Morgan Stanley, reckons a recession in the world's biggest economy is a 50/50 proposition (Pictured, Mr Gorman with his wife Pendleton Dedman)
James Gorman said while Morgan Stanley was secure amidst current economic turmoil, some institutions would be 'potentially fatally damaged' (Pictured, Mr Gorman in Switzerland in 2020)
The S&P/ASX200 tumbled 5.3 per cent in early trade with more than $110billion wiped off stocks, before recovering to close 3.84 per cent weaker.
The plunge followed a bad session on Wall Street amid fears an American inflation would see the US Federal Reserve raise interest rates and potentially spark a recession in the world's biggest economy.
US inflation hit 8.6 per cent, a 40-year high, sparking fears of a global
