Wall Street’s real-life “Succession” has endedOne of Wall Street’s most closely watched succession races is over as Ted Pick prepares to become Morgan Stanley’s next chief executive. The path laid out by Gorman has made Morgan Stanley the envy of the financial world and helped it outpace its longtime rival, Goldman Sachs. Morgan Stanley’s board selected him over Andy Saperstein, who leads wealth management, and Dan Simkowitz, who oversees asset management. But Pick, a Morgan Stanley lifer who oversees investment banking and trading, is familiar with the most complex parts of the firm, making him in some ways the safest option. (Morgan Stanley is seeking to keep Saperstein and Simkowitz, making both co-presidents and giving them expanded portfolios.)

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Persons: ”, Ted Pick, Morgan Stanley’s, James Gorman, Gorman, Morgan Stanley, Goldman Sachs, Pick, Andy Saperstein, Dan Simkowitz, Morgan Stanley lifer Organizations: HBO