Given his background in wealth management, some Morgan Stanley veterans fear incoming chief James Gorman will soften the bank's risk-taking. But those who've met with him say Gorman views Morgan's trading operations as critical to its success.

"The heart, the DNA, the fabric of this place, has always been the institutional-securities business and, frankly, should always be the institutional-securities business," Gorman is quoted as saying, according to an account in the New York Post. The newspaper says positioning the firm's brokerage force ahead of trading and investment banking operations isn't on Gorman's agenda.

Some observers see the firm posting third-quarter results of 25 to 30 cents a share, in large part because of its increased efforts in trading and willingness to take on more risk. Results will be announced Monday.