From Fortune Magazine:

This week marked the end of an era at Morgan Stanley as Ted Pick took over as CEO from James Gorman, who stepped down on New Year’s Day, after announcing his intention to do so in May. Gorman is already adjusting to his new downsized role as executive chairman and is joining Disney’s board. He takes pride in the success he had at the bank, despite paying several large fines.

Since its 2008 financial crisis, Morgan Stanley saw impressive growth under Gorman’s decade and a half tenure. As of Thursday, its stock has more than tripled. Although the bank had to pay several large fines, Gorman is proud of his improvements to Morgan Stanley’s wealth and asset management business. Throughout his time at Morgan Stanley, Gorman was able to lead a series of successful acquisitions and continued to seek opportunities during the 2020 pandemic.

Despite Morgan Stanley’s impressive growth under Gorman, the bank had to pay several large fines after investigations. The SEC fined Morgan Stanley $200 million for improper record keeping, and later agreed to a $35 million settlement for failing to protect customer data. Additionally, the bank suffered in the aftermath of the pandemic, particularly from the collapse of Archegos Capital Management, which cost the bank about $911 million when the family office could not cover a series of margin calls. Despite these challenges, Gorman remains confident in the success of his time at Morgan Stanley.



Read more: Morgan Stanley’s James Gorman gives himself an A– as CEO