Morgan Stanley: Gorman aims for the top on Wall Street
Morgan Stanley’s incoming CEO explains strategy; Mack and Chammah take new responsibilities
James Gorman: says Morgan Stanley is in a "great position"
After just four years with Morgan Stanley, James Gorman will be taking over as chief executive from John Mack in January. Mack is continuing at the firm as chairman, and Walid Chammah, who at present is co-president with Gorman, will become president of the firm, and chairman of the international business, remaining in London.
Gorman says he views the new structure of three overseeing heads as "one of the better recent succession plans on Wall Street". In an interview with Euromoney, he says the structure, which differs greatly from that of most US banking firms, will ensure that there is more oversight of the business than if the firm was to have a single combined chairman and chief executive. "Having the three of us means we can divide and conquer, so there is no chance of anyone having to take their eye off the ball," Gorman says. "With me as CEO, Walid as chairman in Europe and John calling on major clients around the world it gives us a real multiplier effect."