Morgan Stanley CEO James Gorman plans to step down after years of making the bank the envy of Wall Street. Here's a look at his legacy.
and JPMorgan, which have sought to grow their own wealth and asset management businesses.
In 2020, the bank's former chief diversity officer, Marilyn Booker sued over"race and gender discrimination, retaliation and unequal pay." The caseStill, Gorman's success in growing the bank — revenues have more than doubled since he took over to $66 billion in 2022 — has helped make him Wall Street's highest-paid banking executive with a salary of $39.4 million last year. And shoes could be hard to fill.
In September 2008, Morgan Stanley's future was preserved when the Federal Reserve allowed it and archrivalto convert to bank holding companies, which gave them access to emergency funding measures. "We spent the last decade strengthening the firm around the safety and soundness principles and cleaning up some of the issues that came out of the crisis and, methodically year after year, improved and got better and were able to take advantage of opportunities that we saw," Jon Pruzan told Insider in an interview in early 2021, when he was Morgan Stanley's CFO.
Other changes would soon come. A year after Goldman hatched its consumer bank plan, Morgan Stanley swallowed a bitter pill and cut 25% of its fixed-income trading staff.
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