The US investment bank’s sales and trading unit has failed to win enough new business, Gorman said in an interview with the Financial Times.
He added: “We need to seriously grow our footprint in products like currencies, equity derivatives, commodities. We could easily be 25 per cent bigger than we are.”
The bank lost $807m (£506m) in 2009. It returned to profit in the third quarter but weak trading results weighed on its profits in its fourth quarter.
Gorman has already announced a shakeup of senior management.