“Our view would be that that is why we thought that the efficiency ratio at 70 was a good number... that we should be able to continue to press that further in a thoughtful way as we compound earnings.”

How to check this claim

Look at: Efficiency ratio (as reported by the company)

It came true if: Efficiency ratio below 70% for the period

Where: Company quarterly earnings release / income statement disclosure (efficiency ratio metric)

Verify independently

SEC filings for MS ↗ · Claim quote is verbatim from the 2025Q4 earnings call.