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Morgan Stanley’s James Gorman chose the right time to leave

Morgan Stanley’s James Gorman chose the right time to leave

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October 28, 2023, 10:27 a.m. ET

James Gorman guide Morgan Stanley through years of extremely low interest rates and booming stock markets. His successor, Ted Choosemay have to come up with new ideas for a new era.

Gorman, who will step down at the end of the year after nearly 14 years as chief executive, bet big on wealth and asset management by absorbing all of Smith Barney and then buying E*Trade and Eaton Vance. He certainly had the right strategy in the eyes of the market: since the start of 2010, when he became CEO, the company’s annualized total return of 8.6% is second only to JPMorgan Chaseis one of America’s global banks, according to FactSet data. And in terms of valuation, Morgan Stanley has often been the leader of the pack, generally trading at a higher price-to-book ratio than even JPMorgan since the start of last year.

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Eleon

With a penchant for words, Eleon Smith began writing at an early age. As editor-in-chief of his high school newspaper, he honed his skills telling impactful stories. Smith went on to study journalism at Columbia University, where he graduated top of his class. After interning at the New York Times, Smith landed a role as a news writer. Over the past decade, he has covered major events like presidential elections and natural disasters. His ability to craft compelling narratives that capture the human experience has earned him acclaim. Though writing is his passion, Eleon also enjoys hiking, cooking and reading historical fiction in his free time. With an eye for detail and knack for storytelling, he continues making his mark at the forefront of journalism.
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