Sales and trading "results will be notably down year over year versus a strong second quarter last year," while "investment banking is also very challenged," said Saperstein, who also leads Morgan Stanley's wealth management arm.
Separately, Saperstein said the use of artificial intelligence could transform the work of financial advisers who serve wealthy clients.
"We're continually looking for game-changing technology to integrate into our platform," he said. "One recent example of that approach to innovation is our partnership with open AI. That relationship began well over a year ago, before they were a household name."
