Morgan Stanley offered a glimpse into Wall Street's future, and the outlook has changed so much from the heady days of the past that the firm is planning to keep a close watch on BlackBerry usage.

New cost-cutting moves were the focus of a 45-minute discussion at a Deutsche Bank conference by Morgan Stanley chief financial officer Ruth Porat aimed at showing how the securities firm is trying to boost profits in the next few years. Barely mentioned were revenue opportunities that dominated other recent Morgan Stanley presentations.