NEW YORK (Reuters), James Gorman, chief executive of Morgan Stanley, said Monday that the Federal Reserve could need to take action faster regarding interest rate rises.

Investors expect the U.S. central banking to announce this week that it will end bond purchases earlier than planned. Investors are trying to find clues about the timing of interest rate increases next year.

Gorman declared that the Fed is heading towards a rising interest rate environment. If I was the Fed, I’d move a bit faster than the Fed right now. I would also store up ammunition to accept this reality.

Gorman (63) has been the chief executive Morgan Stanley (NYSE:) He has been with the business since 2010, and led it back to prosperity after the financial crisis of 2007-09. He stated earlier in the year that he expected to remain at the helm of the company for three to five more years.

Gorman spoke out about succession planning when asked by Gorman. He highlighted the strengths of candidates at the bank who could succeed him.

“We have some great people who can replace me. We need to make sure we get at least a handful of them ready for the board. It will be a long process, but it is something I am committed to. “We have some amazing executives and I am confident the place can thrive under their guidance,” he stated.

Despite having spent more than $20 billion on the purchases of E*Trade and Eaton Vance (NYSE:-) Gorman indicated last year that the bank would continue to look into “sensible transaction opportunities” for any new ones.

He said, “We’re not obsessively acquisitive.” We are supporting the company with our capital. “We aren’t going out with an attitude of “We have to do a deal”