Check out what’s happening on FoxBusiness.com
Morgan Stanley CEO James Gorman has announced his intention to retire.
Gorman told shareholders at the bank’s annual meeting that he would be retiring in the next 12 months.
The CEO has been with Morgan Stanley since 2006 when he was hired as Chief Operating Officer for the Global Wealth Management Group.
Within a year he was promoted to co-president.
MORGAN STANLEY WARNS STOCK MARKET IS ‘FAR FROM THE SAME’ YET
James Gorman, Chairman and Chief Executive of Morgan Stanley speaks during the Global Financial Leaders Investment Summit in Hong Kong, China. (Portal photos)
MORGAN STANLEY PROFITS STRIKES AS WEALTH BUSINESS CUPS DEAL RAP
A file photo with the Morgan Stanley logo is seen in New York, NY. (Portal/Shannon Stapleton / Portal photos)
Morgan Stanley is now searching internally for its next chief executive officer and says three candidates are currently being considered.
Gorman says he will serve as chairman for some time after stepping down from his position as CEO.
MORGAN STANLEY plans to cut 3K jobs: REPORT
Gorman became CEO of Morgan Stanley in 2010 amid the aftermath of the 2008 recession that threatened to bankrupt the bank.
Morgan Stanley CEO James Gorman attends the Portal NEXT Newsmaker event in New York City, New York. (Portal photos)
As CEO, Gorman completed important deals including the acquisition of wealth manager Eaton Vance, online broker E*Trade and stock plan manager Solium Capital.
CLICK HERE TO GET THE FOX BUSINESS APP
He was also the principal architect behind Morgan Stanley’s purchase of Smith Barney, a brokerage and investment advisor that became a cornerstone of the bank’s wealth management arm.
Morgan Stanley’s first-quarter profit beat expectations as rising wealth management revenue offset declines in investment banking and trading in the first quarter. The results showed that wealth management accounted for 45% of the company’s revenue.
Fox Business’ Joe Toppe and Charlie Gasparino contributed to this report.