James Gorman, chief executive of Morgan Stanley, had an easy ride at the bank’s shareholder meeting which clocked in at less than 45 minutes, helped by the lack of shareholder proposals, difficult questions or the kind of mortgage protests that have dominated other bank AGMs.

The low turnout may have been helped by the bank holding its annual meeting yesterday in Purchase, New York, and by the fact it doesn't sell retail mortgages so did not face protests about foreclosures.