![]() New requirements for the banks to increase their capital buffers.The Federal Reserve's stress tests on the biggest banks.Still, he noted, there are a number of major issues the firm is dealing with at the moment. The timing, he added, according to a transcript by the research firm Sentieo, is up to Morgan Stanley's board. So if the market thinks that we need to sort of rip the Band-Aid off, and I thought an elegant way to do it was around the annual meeting to say before the next annual meeting, I will have stepped down. and everybody kept saying to me, 'so you're going to stay another 3 years?' And I think there's something in the general view that people don't mean it when they say it, but I definitely mean it. And I just got back from a trip through the Middle East and France and the U.K. About 3 years ago, I said I'd leave in about 3 years. He said:Ībout 5 years ago, I said I'd leave in about 5 years. At a Morgan Stanley conference on financials, payments, and commercial real estate, Gorman noted that he would review the succession process with the board every couple of years. ![]() Why did he make that announcement at that time? On Monday, Gorman explained. "I definitely have no plans to go out like Logan Roy," he said, according to Reuters. The board has identified 3 internal candidates to succeed him, Gorman told shareholders at the company's annual meeting on May 19. James Gorman, one of the longest serving chiefs on Wall Street, took some people by surprise when he announced last month that he expected to step down as chief executive of Morgan Stanley in the next 12 months. Capital increases and block trading investigations are still issues.
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