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☆ Generative AI could add up to $4.4 trillion to the global economy annually, McKinsey report says
▼ + stars: | 2023-06-20 | by ( Sawdah Bhaimiya | ) www.businessinsider.com time to read: +3 min

Generative AI could add up to $4.4 trillion to the global economy annually, a McKinsey report says. The hype around generative AI has reached a fever pitch in recent months and for good reason as the industry has the potential to add $4.4 trillion to the global economy annually, a new McKinsey report argues. The report, which looks at the economic potential of generative AI, says it could add between $2.6 to $4.4 trillion to the global economy through "63 generative AI use cases spanning 16 business functions," which is roughly the same amount as the UK's GDP in 2021. Generative AI refers to conversational AI tools like OpenAI's ChatGPT released in November, which impressed the world with its wide-ranging abilities including creating content, generating music, and writing code. This would largely impact high earners like knowledge workers and could add "trillions of dollars in value to the global economy," McKinsey said.

Persons: ChatGPT, Bing, McKinsey Organizations: McKinsey, Morning, Google, Bloomberg Intelligence

Berlin has agreed subsidies worth nearly 10 billion euros with the U.S. chipmaker, a person familiar with the matter said, more than the 6.8 billion euros it had initially offered Intel to build two leading-edge facilities in the eastern city. "Today's agreement is an important step for Germany as a high-tech production location – and for our resilience," Scholz said after Monday's signing. Globally, semiconductor manufacturing is expected to become a trillion-dollar industry by 2030, expanding from $600 billion in 2021, according to McKinsey. Initially, Intel wanted to invest 17 billion euros in the Magdeburg plant, an amount that has nearly doubled to more than 30 billion. About 7,000 construction jobs will be created in the first expansion, plus around 3,000 high-tech jobs at Intel and tens of thousands of jobs across industry, the U.S. chipmaker said.

Persons: Olaf Scholz, Pat Gelsinger, Scholz, Israel, Dado Ruvic, Robert Hermann, Taiwan's TSMC, Tesla, Robert Habeck, chipmaker, Gelsinger, Maria Martinez, Riham, Christoph Steitz, Rachel More, Jason Neely, Sharon Singleton, Catherine Evans Organizations: Intel, Intel Intel, Germany's, U.S, AMD, Nvidia, Samsung, Union, McKinsey, REUTERS, Germany Trade, Invest, Reuters, Germany, Thomson Locations: Germany, Frankfurt BERLIN, STOCKHOLM, Magdeburg, Europe, Berlin, Saxony, Anhalt, EU, chipmaking, Poland, United States, South Korea, Taiwan, Frankfurt, U.S, Ireland, France, Asia

PARIS/TORONTO, June 18 (Reuters) - A year ahead of the Paris Olympics, flying taxi maker Volocopter wants to prove to executives at the Paris Airshow it is on track to ferry customers around the sporting showcase and take off globally. Success could boost the broader urban air mobility sector by persuading risk-averse investors that air taxis are worth putting money into, analysts and executives said. No flying taxi maker, whether Germany's Lilium or American player Joby, has received certification so far. Air mobility projects that went public through special purpose acquisition companies (SPAC) in recent years have lost at least 30% of their initial value. Venture capital is down across several industries, with a shift in spend from air taxis to drones, Riedel said.

Persons: Volocopter, Dirk Hoke, Robin Riedel, Germany's, Joby, Hoke, Riedel, Alan Wink, Wink, Mike Madsen, Still, Madsen, Allison Lampert, Joanna Plucinska, Maiya, Mark Potter Organizations: PARIS, Paris Olympics, China's, Eastern General Aviation Co, McKinsey Center, Future Mobility, European Union Aviation Safety Agency, McKinsey, Honeywell International, Honeywell, Thomson Locations: TORONTO, Paris, Germany, U.S, Montreal, London, Toronto

☆ What's next for BlackRock?
▼ + stars: | 2023-06-19 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +4 min

The biggest, and most obvious, change comes at the top, as BlackRock considers life without Larry Fink. The departure of Fink from BlackRock — a firm he's led since founding it with Robert Kapito in 1988 — is monumental in and of itself. But consider the state of affairs:Simply put, there's a lot going on these days at BlackRock. Insider's Rebecca Ungarino, our resident BlackRock expert, has a rundown of all the latest news at the massive money manager. More on everything that's happening at BlackRock as its CEO and cofounder considers his future.

Persons: Dan DeFrancesco, we've, Leonardo Munoz, don't, Larry Fink, Fink, Robert Kapito, Insider's Rebecca Ungarino, Todd Anderson, Christine McCarthy, Bob Iger, Iger, Gen, Jeffrey Cane, Hallam Bullock Organizations: Disney, Netflix, BlackRock, Getty, Barclays, Goldman, Mouse, Apple's, McKinsey, LinkedIn Locations: VIEWpress, BlackRock —, BlackRock, Hulu, London, New York

☆ Empty offices, abandoned malls, concerns over crime: Why San Francisco, the Golden City, is losing its luster
▼ + stars: | 2023-06-17 | by ( Al Yoon | ) www.businessinsider.com time to read: +8 min

Days later, Unibail-Rodamco-Westfield and coowner Brookfield gave the San Francisco City Centre back to their lenders after the exit of retailers left the mall just over half occupied. Whatever is going on in San Francisco, we are not interested in being part of that any longer." Fear of crime taints the cityCrime, or the fear of it, often creeps into conversations about San Francisco, too. "I ask, what's the driver" of the San Francisco office vacancies, Scavone told Insider. He continued: "Is it because downtown San Francisco is somewhat of a difficult commute from suburbs in Marin County or the East Bay?"

Persons: Manus Clancy, Trepp, —, Brookfield, Clancy, Salesforce, Jeff Burg, he's, Burg, we're, Thomas Baltimore, hasn't, Elon Musk, Bob Lee, Frank Scavone, Scavone Organizations: Service, San Francisco, California, Hilton San Francisco, Square, Parc, San Francisco City Centre, San, Krea, Union, Census, LinkedIn, Park Hotels, Resorts, Westfield, ABC, San Francisco Travel Association, Elon, Foods, The New York Times, McKinsey & Co, downtown Locations: San Francisco, San, San Francisco Chronicle, Westfield, Real, Francisco, New York, cubicles, Boston , Chicago, Houston, Miami, San Francisco's Hayes Valley, Manhattan, Tenderloin, —, downtown San Francisco, Marin County

☆ Generative AI could have the biggest impacts on high earners, not people in low-paid jobs, McKinsey analysis finds
▼ + stars: | 2023-06-16 | by ( Grace Dean | ) www.businessinsider.com time to read: +4 min

Generative AI could have the biggest workplace impacts on high earners, per a McKinsey report. Generative AI could have the biggest workplace impacts on high earners, and especially people in knowledge work with activities involving decision-making and collaboration, research by consultancy giant McKinsey has found. Generative AI creates content, which can include text, audio, images, and videos, based on a user prompt. Previous generations of automation technology often had the biggest mid-term impact on occupations with lower-middle wages, the McKinsey analysts wrote. The McKinsey analysts said generative AI would have "a significant impact across all industry sectors," with banking, high tech, and life sciences among the industries that could see the biggest impact as a percentage of their revenues from generative AI.

Persons: OpenAI, ChatGPT, Goldman Sachs Organizations: McKinsey Locations: Philippines

Boric's shock announcement was all the more surprising as no DLE technology has reached commercial production without the use of those ponds, sparking competition to be the first. "Given those demand projections, there's definitely need for more supply from DLE," said Jordan Roberts, a Fastmarkets lithium industry analyst. A customer aiming to produce 15,000 metric tons of lithium each year, for example, could buy three stackable IBAT lithium plants. Exxon has also held talks with EnergySource Minerals about licensing DLE technology, two of the people said. Many brine deposits have varied chemical compositions, meaning it's unlikely that one DLE technology will emerge as a global leader.

Persons: DLE, Ken Hoffman, Gabriel Boric, Eramet, Sunresin, John Burba, That's, Alec Lucas, Jordan Roberts, IBAT, Garry Flowers, Eli Horton, Gavin Rennick, Sinead Kaufman, Dave Snydacker, Steven Schoffstall, doesn't, Chris Doornbos, Ernest Scheyder, Veronica Brown, Claudia Parsons Organizations: . Geological, EV Battery Materials Research, McKinsey & Co, Minerals, Battery Metals, Rio Tinto, Battery Tech, Fastmarkets, Exxon Mobil, Chevron, Reuters, Exxon, EnergySource Minerals, Koch Industries, Ford, SLB's New Energy, Mining, Solutions, BNP, BMW, Breakthrough Energy Ventures, Lake Resources, Miners, General Motors, Canadian, Imperial Oil, Thomson Locations: CHARLES , Louisiana, Europe, Asia, North America, Rio, U.S, DLE, Louisiana, Arkansas, Salton, Salt, Chile, Schlumberger, Nevada, Argentina

☆ A top CMO reveals how AI is going to change sales and marketing across every company within 12 months
▼ + stars: | 2023-06-14 | by ( Matt Turner | ) www.businessinsider.com time to read: +5 min

The chief marketing officer at Twilio says AI will soon be in use in sales and marketing at every company. There are many parts of the business world where AI is going to have a huge impact, but sales and marketing is one of the big ones. To be sure, Twilio builds products that faciliate sales and marketing, but other CMOs agree that AI could supercharge those activities. It allows you to ingest a whole slew of data that's virtually impossible for a human being to take in and synthesize. In 12 months, I really think for every company, every marketing team, every sales team, generative and predictive AI is going to be a core part of every tool that they use.

Persons: Joyce Kim, That's, We've Organizations: McKinsey, YouTube

☆ Bad news for the Fed: American workers are becoming less productive
▼ + stars: | 2023-06-14 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +7 min

But what does the Fed mean when it talks about labor markets and their impact on inflation? What’s happening: At its most basic level, labor productivity is a measure of the value of the goods and services produced by a company compared with the amount of labor used to produce that output. Labor productivity decreased 2.1% in the first quarter of 2023, the US Bureau of Labor Statistics reported earlier this month. The silver lining: The good news is technological innovations typically drive upturns in productivity and AI could be such an innovation. Absolutely not,” Yellen said, echoing the joint statement leaders from the Group of Seven made at last month’s summit in Japan.

Persons: Lisa Shalett, ”, Lisa Cook, Joseph Brusuelas, Sundar Pichai, aren’t, Jeffrey Sonnenfeld, Richard Blumenthal, “, Doug McMillon, Roger McNamee, Steven Spielberg, Vito Corleone, Janet Yellen, ” Yellen, Elisabeth Buchwald, Yellen, Biden Organizations: CNN Business, Bell, New York CNN — Federal Reserve, Morgan Stanley Wealth Management, Fed, Labor, US Bureau of Labor Statistics, BLS, McKinsey Global Institute, Federal, RSM US, of America, Google, Yale School, Management’s, Leadership Institute, Walmart, Technology, Financial, International Monetary Fund, Inter, American Development Bank group’s, African Development Fund, IMF Locations: New York, United States, Michigan, Connecticut, China, Japan

☆ Generative A.I. Can Add $4.4 Trillion in Value to Global Economy, Study Says
▼ + stars: | 2023-06-14 | by ( Yiwen Lu | ) www.nytimes.com time to read: +1 min

“Generative artificial intelligence” is set to add up to $4.4 trillion of value to the global economy annually, according to a report from McKinsey Global Institute, in what is one of the rosier predictions about the economic effects of the rapidly evolving technology. Half of all work will be automated between 2030 and 2060, the report said. would automate half of all work between 2035 and 2075, but the power of generative A.I. “Generative A.I. has the potential to change the anatomy of work, augmenting the capabilities of individual workers by automating some of their individual activities,” the report said.

Persons: — Organizations: McKinsey Global Institute, McKinsey

☆ 5 things men can do to help women be more successful at work, from a Yale lecturer
▼ + stars: | 2023-06-13 | by ( Morgan Smith | ) www.cnbc.com time to read: +3 min

When women are able to thrive in the workplace, it benefits men, too: Men who work well with women and use the talents of a diverse team outperform their peers, LeanIn reports. Here are five things men can do right now to support their female colleagues, per Lipman:'Interrupt the interrupter'Several studies have found that men talk and interrupt more often than women. Give women credit for their ideasResearch has shown that women get less credit while working in groups than men do. Take paternity leaveIf the benefit is available to them, another move men can make to help level the playing field for women in the workplace is to take paternity leave. Paternity leave is good for dads, too: Men who take paternity leave report stronger bonds with their children than those who don't, according to the ACLU.

Persons: Joanne Lipman, Lipman, That's, It's Organizations: LeanIn.org, McKinsey & Company, Yale University, ACLU

☆ A subsection of tech is set to be worth $1 trillion. But taboos are holding it back
▼ + stars: | 2023-06-12 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +5 min

watch nowInvestors are ignoring a huge subsection of tech because it's considered "taboo" – despite the fact that it is set to be worth $1 trillion by 2027. But just 3.3% of digital health investment in the U.S. went towards women's health between 2011 and 2020, according to digital consultancy Rock Health. Research by Women's Health Access Matters suggests that a $300 million investment into improving female health could generate around $13 billion. It is now one of the largest companies in the FemTech space and has a revenue of $100 million. The issue of not understanding women's health – and the importance of female-specific health solutions – has deeper roots.

Persons: it's, Agostini, Karen Taylor, Tania Boler, Boler, Valerie Evans, they're, hasn't, Deloitte's Taylor, Brittany Barreto, we're, Barreto Organizations: Rock Health, Women's, Research, Getty, Centre for Health Solutions, Deloitte, CNBC, European Women, McKinsey & Company Locations: U.S

☆ Brands like Sony and Chipotle want to make Hollywood-style content for film and TV, and these advertising pioneers have built a startup to get their messages out
▼ + stars: | 2023-06-11 | by ( Lucia Moses | ) www.businessinsider.com time to read: +6 min

That belief has taken him from famed ad agency Wieden + Kennedy to talent agency CAA, where he set up its first marketing consultancy. The firm pitches itself as part management consultancy, part brand entertainment production company, and part consumer brand accelerator. "If a great sports movie happens to come from Nike, it's still great entertainment," Goodman said. "If a great sports movie happens to come from Nike, it's still great entertainment," Goodman said. One thing Goodman and Kaplan are not trying to do is compete with brands' ad agency budgets.

Persons: Jae Goodman, John Kaplan, It's, Gibson, Kennedy, Goodman, Chipotle, Stephanie Perdue, Jay, Kaplan, —, Michael Kassan's, Anheuser, it's, Superconnector, it'll Organizations: Superconnector Studios, Sony, CAA, Observatory, Entertainment, Hollywood, HBO Max, Netflix, Procter & Gamble, Imagine Entertainment, Delirio Studios, MTV Documentary, Paramount, HBO, Apple, Management, Sony Pictures Television, McKinsey, Accenture —, Anheuser Busch, InBev, Gibson, Nike, Talent Locations: LA

☆ The recycling idea at Levi's, Adidas, Zara to stop trillions in fast fashion from going to waste
▼ + stars: | 2023-06-11 | by ( Carolyn Chun | ) www.cnbc.com time to read: +8 min

The multi-trillion dollar fashion industry contributes significant greenhouse gas emissions, between 8% to 10% of total global emissions, according to the United Nations. With the majority of textiles in the fashion industry blended, it is harder to recycle one fiber without harming another. Spinnova partnered with the world's largest pulp and paper company this year, Suzano, to turn wood and waste into recycled textile fiber. Textile waste, by some measures, is a bigger issue than plastics waste, and it has a similar problem. Late last year it worked on a limited collection with fast fashion clothing giant — and consumer consumption flashpoint — Zara, using its recycled textile waste material.

Persons: LEVI, Alexander Donka, Paul Dillinger, Levi Strauss, Spinnova, Chloe Songer, Songer, Victor J, Levi's Levi Strauss, Dillinger, You've, we're, —, Stacy Flynn, Flynn, Levi's, Stella McCartney, — Zara Organizations: McKinsey, United Nations, McKinsey Sustainability, Co, Shoppers, Blue, Bloomberg, Getty, Adidas, CNBC Locations: Sweden, Africa, Zara, New York

☆ Here's the 19-slide pitch deck Jolt, a climate tech startup curbing the cost of hydrogen power, used to raise $6 million
▼ + stars: | 2023-06-05 | by ( Tasmin Lockwood | ) www.businessinsider.com time to read: +3 min

Take a peek inside the 19-slide redacted pitch deck it used to raise the fresh funds. A Barcelona-based startup hoping to make hydrogen power cheaper, more efficient, and durable, just nabbed 6 million euros (around $6.4 million) in Series A funding. Jolt, founded in 2022 as a spin-out of the Catalan Institute of Chemical Research, makes electrodes for electrolyzers and hydrogen fuel cells. Electrodes are the "heart" of hydrogen, Jolt cofounder and CEO Leon Rizzi told Insider, but they are "genuinely not fit for purpose." Jolt makes an alternative coating, which requires 80 degree-heat for up to 60 seconds and can be done in an oven or via an infrared lamp.

Persons: Leon Rizzi, we've, Rizzi, it's, Jolt Organizations: Catalan Institute of Chemical Research, McKinsey, Climentum Capital, Ship2B Ventures, Partners, NET, Rizzi Locations: Barcelona, headcount

☆ The rise of Albemarle, the world's largest lithium producer
▼ + stars: | 2023-06-03 | by ( Shawn Baldwin | ) www.cnbc.com time to read: +1 min

Demand for lithium, a key component for electric vehicle batteries, is expected to surge, from 500,000 metric tons of lithium carbonate in 2021 to three to four million metric tons in less than a decade, according to McKinsey & Company. Albemarle, the world's top producer of this critical metal and the operator of mines in Australia, Chile and the U.S., says it plans to bring another domestic lithium mine online by 2027 — Kings Mountain in North Carolina. Albemarle is also building a $1.3 billion processing facility in South Carolina, where it will process battery-grade lithium hydroxide. The plant will support the manufacturing of 2.4 million electric vehicles annually and be able to process lithium from recycled batteries. Despite that growth, Albemarle faces a number of potential headwinds including a possible economic downturn that could slow the demand for EVs, new battery chemistries that could reduce the need for lithium, battery recycling and additional competitors.

Persons: Tesla Organizations: McKinsey & Company, CNBC, U.S . Locations: Australia, Chile, U.S, North Carolina, Nevada . Albemarle, South Carolina, Albemarle, Texas

☆ A ‘Dirty’ Job That Few Want: Mining Companies Struggle to Hire for the Energy Transition
▼ + stars: | 2023-06-01 | by ( Yusuf Khan | ) www.wsj.com time to read: +10 min

Despite their part in the energy transition, mining companies face a perception of being in a “dirty” industry thanks to a legacy of mining disasters and accusations of worker exploitation and sexual assault. Canada’s mining and mineral-engineering enrollment was down 10% in 2020 compared with 2016, according to Canada’s Mining Industry Human Resources Council. SHARE YOUR THOUGHTS What message should mining companies deliver to young workers to attract them to the industry? Mining companies also face accusations of exploitation of local workforces. She hopes that younger workers will help mining companies evolve, taking on more social responsibility and improving their mining practices.

Persons: Lily Dickson, Mawson, ”, Alex Gorman, Peel Hunt, Rohitesh Dhawan, Alex Gorman “, Gorman, “, Haydon Mort, Stacy Hope, Cole Burston, Hope, Codelco, Centamin, Martin Horgan, Mort, Geologize, Jamie Kelsey Fry, Dickson, Yusuf Khan Organizations: University of Leeds, Leeds, Rio Tinto, McKinsey, U.S . National Center for Education Statistics, Canada’s Mining, Resources Council, Peel, International Council, Mining, Metals, Tinto, of Labor Statistics, Australian Bureau, Statistics, Geologize Ltd, BHP, . Workers, Bloomberg, Codelco, Chilean, Walmart, Recruiting, Centamin, Sustainable Business, “ Locations: Finland, Vancouver, Europe, U.S, Australia, Rio, South Africa, Lily Dickson Canada, Botswana, “, Saharan Africa, Ontario, Canada, Chile, Africa, Congo, Ghana, Zimbabwe, yusuf.khan

☆ Fund manager reveals an overlooked corner of health care with big opportunities
▼ + stars: | 2023-05-24 | by ( Weizhen Tan | ) www.cnbc.com time to read: +2 min

There's an opportunity for investors in pharmaceuticals that's been "underrepresented for a very long time," according to fund manager Philip Ripman of Storebrand Asset Management. The area is women's healthcare, according to Ripman, who manages the $1 billion Storebrand Global Solutions fund. In medical tech funding, only 2% was focused on non-cancer-related women's health conditions. The area of femtech — or software and tech products relating to women's health — is certainly growing. The Storebrand Global Solutions fund invests across four themes : smart cities, circular economy, equal opportunities and renewable energy.

Persons: Philip Ripman, Ripman, Pro, Stocks, Becton Dickinson, Gedeon Richter, annualized Organizations: Storebrand Asset Management, Global Solutions, Mckinsey Locations: femtech, U.S, Europe

☆ JPMorgan agrees to purchase $200 million worth of carbon removal
▼ + stars: | 2023-05-23 | by ( Catherine Clifford | In Catclifford | ) www.cnbc.com time to read: +2 min

JPMorgan Chase announced Tuesday that it has agreed to spend more than $200 million on a combination of carbon removal technologies. The investment in carbon removal and long-term contracts with carbon removal companies is both a move to support the still nascent carbon removal industry and will enable the bank to remove the equivalent of the carbon emissions that are otherwise hard to abate from its direct operations by 2030, JPMorgan said. Climeworks is one of the market leaders in direct air capture, a process akin to vacuuming carbon dioxide out of the air. The deal with Charm aims to remove and store the equivalent of approximately 28,500 metric tons of carbon dioxide over five years. The carbon removal and storage deliveries from Charm for JPMorgan have already started, the bank said.

☆ Cross-border payroll is complicated — and risky. From tax and labor laws to forex and banking regs, here's what you need to know.
▼ + stars: | 2023-05-22 | by ( Sponsor Post | Created Papaya With Insider Studios | ) www.businessinsider.com time to read: +17 min

The challenges and complexities of cross-border payroll paymentsCross-border payroll payments can present several challenges and complexities for employers. Banking systemsSome countries have a less developed banking system, which can make the process of cross-border payroll payments more complex. Cons:Limited acceptance: In some countries, payroll cards may have limited acceptance, making them less attractive as a cross-border payroll payment method. The role of technology in streamlining the process of cross-border payroll paymentsMost payroll companies outsource the delivery of payroll payments. Manage cross-border payroll payments effectivelyAdopting a dedicated technology for global payroll payments — like Papaya Global — can make the process of paying your global workforce faster, smoother, and more reliable.

Persons: paychecks, Banks Organizations: Mastercard, Employers, Global, McKinsey Global, Insider Studios Locations: Canada, New York, India, United States, Belgium

Under his leadership, Morgan Stanley became a wealth management powerhouse that aims to manage $10 trillion in assets. Morgan Stanley bought money manager Eaton Vance, online broker E*Trade, and stock-plan manager Solium Capital under Gorman's leadership. He was also the key architect behind Morgan Stanley's purchase of Smith Barney, a brokerage and investment adviser, in 2009. The acquisitions have made Morgan Stanley's U.S. wealth business an "asset gathering monster," and a "killer machine," he said on an earnings conference call last month. "This structure will ensure the continued stability of Morgan Stanley, while at the same time positioning it for a decade of exciting growth under new leadership."

☆ Factbox: Morgan Stanley's three potential CEO candidates
▼ + stars: | 2023-05-19 | by ( ) www.reuters.com time to read: +2 min

May 19 (Reuters) - Morgan Stanley (MS.N) will likely appoint its next CEO in the next 12 months, its current Chief Executive James Gorman said on Friday. EDWARD (TED) PICK, 54Ted Pick is co-president and head of the institutional securities group at Morgan Stanley. In May, Morgan Stanley said it is looking to resolve an investigation by U.S. regulators. Pick joined Morgan Stanley in 1990 and was promoted to managing director in 2002. He began his career at Morgan Stanley in 1990 and has worked in New York, Tokyo and Hong Kong.

No one was present when Reuters visited the Hong Kong office of Mintz during business hours, with the doors locked and lights off. China's State Council Information Office, the Ministry of Foreign Affairs and the Hong Kong and Macau Affairs Office did not respond to Reuters requests for comment. The Hong Kong government said it did not comment on individual business decisions. Rights groups accuse Beijing of abuses against mainly Muslim Uyghurs in the western region of Xinjiang, including the mass use of forced labour. Reporting by James Pomfret in Hong Kong, Engen Than in Shanghai and Hong Kong Newsroom; Editing by Lincoln FeastOur Standards: The Thomson Reuters Trust Principles.

☆ James Gorman, Morgan Stanley’s Long-Serving C.E.O., to Step Down Within a Year
▼ + stars: | 2023-05-19 | by ( Rob Copeland | ) www.nytimes.com time to read: +2 min

Mr. Gorman took over the bank in 2010, after Morgan Stanley nearly crumbled during the preceding financial crisis. Morgan Stanley has since hired some of that fallen bank’s advisers, bolstering its already enviable wealth management business, previously called Morgan Stanley Smith Barney. Mr. Gorman, 64, will likely depart at the same age as did his predecessor, John Mack, who left at 65. Neither Mr. Gorman nor Morgan Stanley gave an exact date for his departure from the chief executive role. The Morgan Stanley chief, referencing the drama around the show’s departed patriarch, said he had “no plans to go out like Logan Roy.”

☆ Here are the 2 very different execs in contention to be CEO of Morgan Stanley
▼ + stars: | 2023-05-19 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +6 min

James Gorman announced that he will step down as Morgan Stanley CEO in the next year. The three executives in contention are co-presidents Ted Pick and Andy Saperstein, as well as Dan Simkowitz, head of investment management at Morgan Stanley. Morgan Stanley declined to comment. But the long-time Morgan Stanley executives have distinct leadership styles and backgrounds. Do you work for Morgan Stanley?

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