Pick, 54, joined Morgan Stanley in 1990 and rose through the ranks in its investment banking and trading businesses, most recently serving as a co-president overseeing those units. In an interview, he said he hadn’t found out that he would be named chief executive until around 4:30 p.m. Wednesday, when the bank’s board of directors called him into a meeting and welcomed him with a standing ovation. He stands to inherit a very different bank from the one Mr. Gorman took over after the 2008 financial crisis. The power struggle was captured in “Blue Blood and Mutiny: The Fight for the Soul of Morgan Stanley,” by the journalist Patricia Beard. With a strong technology banking practice, Morgan Stanley played a central role last year in Mr. Musk’s takeover of Twitter, now known as X.

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Persons: Pick, Morgan Stanley, hadn’t, Gorman, Morgan Stanley’s, John J, Mack, Philip J, Purcell, ”, Patricia Beard, Smith Barney, Morgan Organizations: Credit Suisse, Elon, Twitter