Morgan Stanley shares fell over 4% on Ted Pick's first day as CEO, as the company reported a 32% drop in Q4 profits year-over-year. Revenue from wealth management was flat, while investment banking and trading revenue rose. Investors were concerned about Pick's disclosure that wealth management margins may remain in the mid-20s range in the near term. Pick reinforced the financial targets set previously by predecessor James Gorman for the firm and intends to build on Gorman's strategy rather than make major changes.