Abouhossein said he does not think Morgan Stanley will have to cut back the way UBS did. The Swiss bank faces higher capital requirements than U.S. and European rivals. SWITCHING GEARS Morgan Stanley shareholders have watched the bank make big changes to its fixed-income trading business at least four times over the last several years. First, under former Chief Executive John Mack, Morgan Stanley ramped up its bond trading in the years before the financial crisis, taking big bets with its own money. The move proved ill-timed, and the bank suffered billions of dollars' of losses. It pulled back from the business. When the bond markets rallied in 2009, Morgan Stanley was left unprepared. In July of that year, the bank looked to catch up with competitors by hiring Jack DiMaio, a hedge fund manager with a background in bond trading.