Morgan Stanley chairman James Gorman to step down
A changing of the guard at a top US bank. Morgan Stanley's executive chairman James Gorman, who in his nearly 2 decade run at the bank transformed it into a wealth management powerhouse, announced he will step down at year's end. Gorman, who's 65, had served as the bank's CEO for 14 years before taking the chairman role in January. Speaking at Morgan Stanley's shareholder meeting on Thursday, Gorman cited the successful transition of his successor, Ted Pick, into the CEO role earlier this year. In laying out his succession plans, Gorman also achieved a rare feat. Convincing 2 executives passed over for the chief executive role, Andy Saperstein and Dan Simkowitz, to stay with the bank. The announcement of Gorman's departure comes just days after JP Morgan CEO Jamie Dimon told investors his bank succession plans were underway. Diamond, who's 68, has helmed JP Morgan for more than 18 years, outlasting many other industry chiefs. Both Gorman and Diamond piloted their institutions through the 2008 financial crisis. That saw rivals go bankrupt or be swallowed by other banks in prior years. Dimon answered questions about his succession plans by saying he would stay five more years. But on Monday, Diamond said JP Morgan was moving people around in preparation for his departure, adding quote, the timetable is not five years anymore.