News broke last week that the banking titan would cut its fixed income, currencies, and commodities (FICC) staff by a quarter before the end of the year.

Bond-trading revenue was down 42% year-on-year at Morgan Stanley in the third quarter. FICC revenue was weak across Wall Street, but the Morgan Stanley decline was especially pronounced.

UBS analyst Brennan Hawken thinks the FICC cut could be good for Morgan Stanley. He estimates that it could boost the firm's return on equity by as much as 125 basis points.

But there are a few big questions on investors' minds, according to Hawken. He said he hopes the questions will be answered in January, when the firm reports fourth-quarter earnings and is expected to provide a strategic update.