Morgan Stanley's (MS.N) board will focus on the selection of CEO James Gorman's successor at its summer and fall meetings, a person familiar with the situation said, while the outgoing boss looks to clear the decks by resolving major regulatory matters.
Morgan Stanley CEO James Gorman attends the Reuters NEXT Newsmaker event in New York City, New York, U.S., December 1, 2022. REUTERS/Brendan McDermid/File Photoboard will focus on the selection of CEO James Gorman's successor at its summer and fall meetings, a person familiar with the situation said, while the outgoing boss looks to clear the decks by resolving major regulatory matters.
The timing of deliberations, which has not been previously reported, shines fresh light on the status of one the most closely watched CEO successions on Wall Street. Among the issues is an investigation by the U.S. Securities and Exchange Commission and the U.S. Attorney's Office for the Southern District of New York into Morgan Stanley's practices around block trading, or large sales of shares. The bank iswhether the firm or its employees broke the law by sharing or using information about impending block transactions, it said in a February filing.expected to be proposed this summer, the person said.
Saperstein, 56, is in charge of the wealth management unit that has bolstered Morgan Stanley's profits in recent years. He previously worked at Merrill Lynch and McKinsey."I know how hard it is to do these jobs and how much complexity there is," Gorman said at the conference. "You've got to have a lot of resilience - I think physical resilience, mental resilience - and I think you've got to be prepared to make the call" on major decisions.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
U.S. stocks open lower as investors weigh Morgan Stanley earnings, housing-market dataChristine Idzelis is a markets reporter at MarketWatch and is based in New York.
Read more »
Morgan Stanley beats estimates on trading, but shares dip as wealth management disappointsMorgan Stanley has managed to avoid the turbulence afflicting some of its rivals.
Read more »
Morgan Stanley’s Earnings Fall 9% on Lower Investment-Banking RevenueFees from advising corporate clients on mergers and acquisitions fell by more than 30%
Read more »
Morgan Stanley’s Earnings Fall 9% on Lower Investment-Banking RevenueFees from advising corporate clients on mergers and acquisitions fell by more than 30%
Read more »
Morgan Stanley is set to report third-quarter earnings — here's what the Street expectsMorgan Stanley has managed to avoid the turbulence afflicting some of its rivals.
Read more »
Morgan Stanley is set to report third-quarter earnings — here’s what the Street expectsMorgan Stanley has managed to avoid the turbulence afflicting some of its rivals.
Read more »