James Gorman has spent nearly 14 years as Morgan Stanley CEO.
Photo: Michael Bucher/The Wall Street JournalJames Gorman guided Morgan Stanley through years of superlow interest rates and booming stock markets.
His successor, Ted Pick , might have to come up with some new ideas for a new era.
Gorman, who will step down at the end of the year after almost 14 years as chief executive, bet big on wealth and asset management by absorbing all of Smith Barney and later buying E*Trade and Eaton Vance.
And by valuation, Morgan Stanley has often been the leader of the pack, generally trading at a higher price-to-book ratio than even JPMorgan since the start of last year.
Persons:
James Gorman, Morgan Stanley, Michael Bucher, Ted Pick, Gorman, Smith Barney, Eaton Vance, JPMorgan Chase
Organizations:
JPMorgan, JPMorgan Chase ’