Morgan Stanley CEO James Gorman gives clues on succession timing and layoffs
by federal prosecutors and the Securities and Exchange Commission into the firm's handling of block trades, the trading of shares in bulk.
The stress tests will be released later this month, and the new capital rules are expected soon. The status of talks on the block trading inquiries is not clear. "There's a whole range of things that I wouldn't mind either getting set or dealing with before if I step down," Gorman said."So whoever replaces me has a complete clean sheet, and I think most of that will happen within a year, maybe well within a year, and we're off to the races."
In early May, Morgan Stanley was reportedly planning to cut 3,000 jobs worldwide. Gorman said on Monday that the number was about 3,500. I think it's -- you can never say for sure, but it's unlikely we'll be going back to that well. I think we've got it where we wanted. And we took out a lot of managing directors, creating capacity for others. I feel it's not pleasant. Nobody -- I hate doing this. I've done it many times in my career, but it was the right thing to do.
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