Morgan Stanley CEO Gorman has said that his "No. 1" priority at the bank is fixing the fixed-income trading unit. The firm turned in a strong performance in the first quarter for trading in general, notching $3.47 billion in sales and trading revenue, more than triple its fourth-quarter figure, according to Bloomberg.

The bank reported trading revenue of more than $100 million for 10 days and posted losses on 3 days, compared with 13 days of losses in the previous quarter.

While that turnaround is good news, Morgan Stanley is still lagging some of its peers.

JPMorgan Chase, for example, had $6.64 billion in sales and trading revenue in the first quarter. JPMorgan's trading revenue was more than $160 million on seven of the period's 64 trading days. For its part, Bank of America reported $4.9 billion in sales and trading revenue in the quarter. Both JPMorgan and Bank of America had positive revenues every day of the quarter.

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