When James Gorman made one of the biggest announcements of his career on Friday -- that he would be stepping down as Morgan Stanley CEO within a year -- he still managed to crack a joke.
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.
Known for his sharp analytical mind and blunt communication, Gorman reviews the bank's daily profit-and-loss accounts and writes down key numbers every night before he goes to bed, he told The Australian Financial Review last year.The executive, a music fan also known for his dry sense of humor, grew up in Australia, one of 10 children. He earned bachelor's and law degrees from the University of Melbourne and an M.B.A. from Columbia University. He eventually became a U.S. citizen.
He joined Morgan Stanley in February 2006 and was named co-president the following year. As the 2008 financial crisis unfolded, threatening to topple some of Wall Street's biggest firms, Gorman had a front-row seat alongside then-CEO John Mack. Mack recounted an episode during which he negotiated an 11th-hour rescue deal from Japanese investors that meant hanging up on phone calls from the nation's top finance officials at the time, Treasury Secretary Henry Paulson, Federal Reserve Chairman Ben Bernanke and New York Fed President Tim Geithner.
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