Morgan Stanley sees near-term challenges

NEW YORK (Reuters) - Morgan Stanley (MS.N: Quote, Profile, Research) Chief Financial Officer Colm Kelleher on Wednesday said while the investment bank sees significant near-term challenges ahead, it has slashed risk exposure, boosted cash levels and trimmed leverage to help weather the market storm.

"There are near-term cyclical challenges, but none of it challenges our long-term secular growth opportunity for the firm," he said in an interview Wednesday. "So we think we can navigate the choppy waters safely on the back of our client franchise."

(Reporting by Joseph A. Giannone, editing by Gerald E. McCormick)