- After 13 years at the helm, his tenure as CEO is coming to an end.
- Fed Reserve Chair Jerome Powell has defended the stability of the country’s financial sector.
Morgan Stanley CEO James Gorman reportedly has plans to step away from his position sometime within the next year. The position of executive chairman, however, will be his new responsibility. After 13 years at the helm, his tenure as CEO is coming to an end. During his tenure, the company went from a Wall Street bank to a wealth management powerhouse.
During the Bank’s annual shareholder meeting, James Gorman reportedly remarked that the board anticipates this transfer taking place over the next 12 months. He said that the board has identified three capable employees who would be excellent candidates for the CEO position.
The two frontrunners to become the new CEO of Morgan Stanley are co-presidents Ted Pick and Andy Saperstein. While Andy Saperstein oversees the bank’s wealth management section, Ted Pick is in charge of the institution’s securities.
But among the leading candidates for CEO is investment management unit head Dan Simkowitz. Morgan Stanley Share is now trading at $84.06, a decrease of 0.51% as of this writing.
Morgan Stanley’s investment banking division in the Asia-Pacific region is apparently trying to slash employment, so this news comes at a bad time. There might be as many as forty job losses in the department.
According to reports, China may be hurt the worst as economic tensions with the United States rise. But U.S. Federal Reserve Chair Jerome Powell has defended the stability of the country’s financial sector.
He assured the audience that the US Federal Reserve’s monetary policy was never compromised when providing liquidity assistance to banks on an as-needed basis. Powell also noted that the uncertainty surrounding the credit markets might affect future rate increases.