The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site.

All material subject to strictly enforced copyright laws. © 2020 Euromoney, a part of the Euromoney Institutional Investor PLC.
Opinion

Abigail with attitude: Rise of Greg Fleming and Morgan Stanley’s FICC problem

I hear that an article published recently by Reuters is causing waves at Morgan Stanley. The thrust of the piece – entitled ‘Wall Street’s most eligible banker Fleming waits for a suitor’ – is that 50-year-old Greg Fleming, the head of Morgan Stanley’s wealth and investment management business, might succeed James Gorman as chief executive. According to the piece, Fleming is also a flight risk as he possesses the talents to be chief executive of another financial firm.

Apparently, some in Morgan Stanley’s investment banking unit take exception to the implication that Fleming is influencing decisions in the securities area as well as his own private banking world. Fleming has undoubtedly done a good job at building Morgan Stanley’s wealth management franchise and improving its pre-tax profit margin. However, investors might become nervous if articles are now appearing in the mainstream press hinting that gregarious Greg might bolt for a bigger role elsewhere.

I’ve known Fleming for the best part of a decade; he’s a very smart banker. I will never forget meeting him in Washington in 2008, at the height of the financial crisis. Merrill Lynch was on its knees and had just been sold to Bank of America.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.

SUBSCRIBE ONLINE TODAY

Unlimited access to Euromoney.com and Asiamoney.com

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually

FREE 7 DAY TRIAL

Unlimited access to Euromoney.com and Asiamoney.com, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors

LOGIN NOW

Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree