{"id":6858,"date":"2024-10-29T00:06:12","date_gmt":"2024-10-29T00:06:12","guid":{"rendered":"https:\/\/finderica.com\/how-james-gorman-transformed-morgan-stanley-after-the-financial-crisis\/"},"modified":"2024-10-29T00:06:12","modified_gmt":"2024-10-29T00:06:12","slug":"how-james-gorman-transformed-morgan-stanley-after-the-financial-crisis","status":"publish","type":"post","link":"https:\/\/finderica.com\/?p=6858","title":{"rendered":"How James Gorman transformed Morgan Stanley after the financial crisis"},"content":{"rendered":"<div>\n<div class=\"Enhancement\" data-align-center=\"\">\n<div class=\"Enhancement-item\">\n<figure class=\"Figure\">  <\/p>\n<div class=\"Figure-content\"><figcaption class=\"Figure-caption\">James Gorman, chairman of Morgan Stanley, during a Bloomberg Television interview in New York on Jan. 3, 2024.<\/figcaption><p>Yuki Iwamura\/Bloomberg<\/p>\n<\/p><\/div>\n<\/figure>\n<\/div><\/div>\n<p>When James Gorman took over as CEO of Morgan Stanley, the investment banking giant was only 15 months removed from its near-death experience during the financial crisis.<\/p>\n<p>In late September 2008, Morgan Stanley became a bank holding company in order to secure the funding it needed to stave off a market panic. The firm would also soon get a $10 billion capital infusion from the Troubled Asset Relief Program.<\/p>\n<p>At the height of the crisis, the Australian-born Gorman was co-president of Morgan Stanley. He and then-CEO John Mack seized on the opportunity that the chaos presented, reaching out to then-Citigroup CEO Vikram Pandit with an offer to form a joint venture with Citi&#8217;s Smith Barney unit.<\/p>\n<p>It was the first step in Gorman&#8217;s plan to make wealth management a much bigger part of Morgan Stanley&#8217;s business. He took over for Mack as CEO in January 2010, and then became chairman two years later.\u00a0<\/p>\n<p>After stepping down as CEO at the start of this year, Gorman plans to retire as chairman at the end of 2024. Ted Pick, <ps-link><u>who succeeded Gorman<\/u><\/ps-link> as chief executive, will take over as chairman on Jan. 1, 2025.<\/p>\n<p>The following day, Gorman will become chairman of The Walt Disney Company. Gorman is currently chairing the succession planning committee of Disney&#8217;s board, and as board chairman he&#8217;s expected to play a key role in finding a successor to CEO Robert Iger, whose contract expires in December 2026.<\/p>\n<p>What follows is a look at key events during Gorman&#8217;s long tenure atop the bank, including several moves that helped reshape Morgan Stanley&#8217;s business.<\/p>\n<\/div>\n<p><a href=\"https:\/\/www.americanbanker.com\/list\/how-james-gorman-transformed-morgan-stanley-after-the-financial-crisis\" target=\"_blank\" rel=\"noopener\">Source link <\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>James Gorman, chairman of Morgan Stanley, during a Bloomberg Television interview in New York on Jan. 3, 2024.Yuki Iwamura\/Bloomberg When James Gorman took over as CEO of Morgan Stanley, the investment banking giant was only 15 months removed from its near-death experience during the financial crisis. In late September 2008, Morgan Stanley became a bank<\/p>\n","protected":false},"author":1,"featured_media":6859,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rank_math_lock_modified_date":false,"footnotes":""},"categories":[218],"tags":[270,191,1621,1620,589,590,1622],"class_list":{"0":"post-6858","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-banking","8":"tag-crisis","9":"tag-financial","10":"tag-gorman","11":"tag-james","12":"tag-morgan","13":"tag-stanley","14":"tag-transformed"},"_links":{"self":[{"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/posts\/6858","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=6858"}],"version-history":[{"count":0,"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/posts\/6858\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=\/wp\/v2\/media\/6859"}],"wp:attachment":[{"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=6858"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=6858"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/finderica.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=6858"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}