Morgan Stanley’s new chief executive faces asset-management headwinds, a muted investment-banking business and challenges in managing former peers
Ted Pick, Morgan Stanley’s incoming chief executive, faces multiple challenges — including having a tough act to follow in James Gorman — as one of the largest U.S. banks carries out a closely watched leadership change.
That’s one main thought from Wells Fargo analyst Mike Mayo after Morgan Stanley MS on Wednesday named Pick, 54, as its next chief executive, succeeding Gorman, who becomes executive chair at the bank.
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