Morgan Stanley's James Gorman, who arrived at the bank shortly before financial crisis, to retire
Morgan Stanley’s long-time CEO James Gorman will retire in the next 12 months, he said Friday at the bank’s annual shareholder meeting
NEW YORK (AP) — Morgan Stanley's long-time CEO James Gorman will retire in the next 12 months, he said Friday at the bank's annual shareholder meeting.
Gorman said the bank is looking at three senior internal candidates to be the investment bank's new top executive. Gorman said he plans to remain at the bank as executive chairman of the board for a period of time after a successor is named.
Gorman joined Morgan Stanley as chief operating officer of its Global Wealth Management Group in early 2006 and was co-president of the Wall Street bank within a year.
Gorman became CEO in 2010 in the wake of the financial crisis, when the storied investment bank came dangerously close to collapsing. Morbding securities and making deals grew highly volatile.
