James P. Gorman
| James P. Gorman | |
| |
| Occupation | Chairman and CEO |
|---|---|
| Employer | Morgan Stanley |
James P. Gorman is Morgan Stanley's chief executive officer. He took over the role on Jan. 1, 2009, replacing John Mack.[1] He became chairman as well at the beginning of 2012.[2]
In May of 2023, Gorman said he would step down as chief executive at Morgan Stanley in the next year, ending a 13-year run in which he overhauled the Wall Street bank to make it less sensitive to the ups and downs of the financial markets.[3]
Gorman is one of the longest serving U.S. bank CEOs. He is one of the few Wall Street banking executives who embraced and accepted much of the financial reform regulation and vowed to change the way in which the firm operates after the financial crisis of 2008. Gorman shuttered the banks proprietary trading operation and has been on record saying that Morgan Stanley needed to return to helping clients solve problems rather than simply making money.
He said on the Charlie Rose Show on Apr. 9, 2012 that the most important thing with any professional service firm is to tap the DNA, to find out what it is that is magic about the institution.[4] "Morgan Stanley, 75 years old, found it coming out of the Great Depression. The magic of Morgan Stanley is the quality of the people dealing with exceptionally complicated problems, helping clients find solutions to tough situations. My challenge is to get us back to those roots, to amplify those roots."
Background[edit]
Gorman joined Morgan Stanley in February 2006 as the president and COO of the Global Wealth Management Group (GWMG). In October 2007, he took on the additional role of co-head of strategic planning with CFO Colm Kelleher. In this role, Gorman worked closely with other senior managers on continuing to develop global strategic initiatives for the firm.
In November 2007, Gorman was named co-president of Morgan Stanley.[5] along with Walid A. Chammah, both replacing Zoe Cruz who retired.[6]
Before joining Morgan Stanley in February 2006, Gorman held a succession of executive positions at Merrill Lynch from 2001 to 2005, including leading the company’s U.S. and, subsequently, global private client businesses, the equivalent of GWMG at Morgan Stanley. Before joining Merrill Lynch, Gorman served as a senior partner at McKinsey & Company, where he was a member of the financial services practice, and as an attorney in Melbourne, Australia.
Affiliations[edit]
Gorman is a trustee of the Columbia Business School and of the Spence and St. Bernard’s schools in New York City. He was formerly a member of the board of directors of the Securities Industry and Financial Markets Association in Washington, D.C., and served as board chairman in 2006.[7]
Education[edit]
A native of Australia, Gorman earned a B.A. and law degree from the University of Melbourne and an MBA from Columbia University.[8]
References[edit]
- ↑ Morgan Stanley Shuffles Executive Suite. The Wall Street Journal.
- ↑ Gorman’s Lonely Quest to Save Wall Street’s Honor. Bloomberg.
- ↑ Morgan Stanley Chief Stepping Down in the Next Year. The Wall Street Journal.
- ↑ James Gorman. Charlie Rose Show.
- ↑ "Walid Chammah and James Gorman Named Co-Presidents of Morgan Stanley”. www.morganstanley.com.
- ↑ MORGAN STANLEY MANAGEMENT SHUFFLE: CRUZ OUT, GORMAN IN. Registered Rep.
- ↑ Walid Chammah and James Gorman Named Co-Presidents of Morgan Stanley. Yahoo Finance.
- ↑ Walid Chammah and James Gorman Named Co-Presidents of Morgan Stanley. Business Wire.