From Dow Jones & Company:

Mike Wilson will leave his position as chair of Morgan Stanley’s Global Investment Committee and will be replaced by Lisa Shalett. This follows Wilson’s successful prediction of the stock market’s 2022 downturn, but his misjudgment of the 2023 market rally. Wilson remains optimistic that a reversion to declining corporate earnings and the collapse of Silicon Valley Bank will undermine the stock rally. Moreover, Wilson forecasts that the S&P 500 will trade at 4,500 by the end of 2024. However, some are skeptical about this prediction.

Some people are comparing Wilson’s past work to the late 1999 exit of prominent strategist Charles Clough from Merrill Lynch, suggesting a potential contrarian indicator. However, unlike Clough, Wilson is choosing to stay at the firm.



Read more: What Morgan Stanley’s Mike Wilson has got right and wrong about the stock market