Morgan Stanley Sees Just Half of Staff in Offices by Year-End

"Under no circumstance will the employees be forced to come back in 2020 to their desk when they have any concern or fear over their health and safety," he explained, "which remains our most important priority."

Diversity Push

"As we head into this new decade, we are committed to investing in our culture and attracting the most talent and diversity to our firm, so that our workforce reflects the diversity makeup of the society in which we operate," Gorman said in his introductory remarks at the meeting.

One in five, or 20%, of the members of its operating management committees are women, "a percentage we are committed to improving over the coming years," he added.

Earlier this week, Morgan Stanley said it is launching a wealth management unit in Canada that includes full-service and virtual financial advisors and that builds on the firm's Shareworks stock-plan administrative services.

It will be led by Laura Adams, who also is head of Institutional Distribution in Canada.

Possible Pay Cuts, China

In response to a question on possible pay cuts for upper management, the bank CEO said such action will be considered at the end of the year, which is its standard procedure.

"The board will take compensation into consideration with the broader performance of the firm and the overall economic environment," he added.

Turning to its operations in China, Gorman said "a relatively small amount" of its overall business is tied to that country, which is currently experiencing a number of tensions in its economic and other relations with the U.S.

"China is an $11 trillion economy, and the U.S. is about $18 trillion," he explained, adding that "China is very important to the globe."

The bank recently received approval to take a majority stake, 51%, in its China securities joint venture, Morgan Stanley Huaxin Securities. That venture was formed in 2011, while Morgan Stanley has worked in China since 1994.

"It remains an important part of Morgan Stanley's future," Gorman said about China. "But it's a relatively small part of what we do globally. At least two-thirds of our business is U.S. focused, and the rest is spread around all other parts of the world, one of which is China."