By Manya Saini
(Reuters) – Morgan Stanley on Wednesday named insider Ted Pick as its chief executive officer, replacing long-time leader James Gorman, who will become the investment bank’s executive chairman.
Here is a timeline of key events that shaped Gorman’s almost 14-year tenure at the Wall Street giant:
DATE DEVELOPMENT
February 2006 James Gorman joins Morgan Stanley
December 2007 Morgan Stanley names Gorman co-president
January 2010 Gorman replaces John Mack as Morgan
Stanley’s CEO
June 2012 Gorman announces Smith Barney will be
renamed Morgan Stanley Wealth Management
June 2013 Morgan Stanley completes buyout of Smith
Barney joint venture from Citigroup
June 2016 Morgan Stanley agrees to pay a $1
million fine to settle U.S. Securities
and Exchange Commission civil charges
September 2017 The Financial Industry Regulatory
Authority says Morgan Stanley to pay $13
million in fines and restitution to
clients for inadequately supervising
certain short-term trades
February 2019 Morgan Stanley says it will buy Canadian
employee stock plans manager Solium
Capital for C$1.1 billion
December 2019 France’s markets watchdog AMF says it
fined Morgan Stanley 20 million euros
($22 million) for manipulation of
sovereign bonds.
February 2020 Morgan Stanley says it will buy discount
brokerage E*Trade Financial Corp in an
all-stock deal worth about $13 billion
October 2020 Morgan Stanley agrees to buy Eaton Vance
Corp for about $7 billion in a
cash-and-stock deal
April 2021 Media reports citing sources says Morgan
Stanley sold about $5 billion of
Archegos’ stocks the night before the
fire sale hit rivals
April 2021 Morgan Stanley reveals it lost more than
$900 million from the collapse of family
office Archegos Capital Management,
curbing a 150% jump in quarterly profit
February 2022 Morgan Stanley discloses U.S. regulators
and prosecutors were probing various
aspects of the investment bank’s block
trading business
February 2022 Media report says Morgan Stanley’s role
in the collapse of Archegos deepened a
probe by U.S. authorities into block
trading practices
August 2022 Morgan Stanley agrees to pay $200
million to U.S. regulators to resolve
probes into its record-keeping practices
September 2022 A Morgan Stanley unit agrees to pay U.S.
regulators $35 million to settle charges
it failed to safeguard customer data
December 2022 Morgan Stanley plans modest global job
cuts, Gorman says at the Reuters NEXT
conference, without specifying numbers
December 2022 Morgan Stanley cuts about 2% of its
workforce, a source familiar with the
layoffs tells Reuters
January 2023 Morgan Stanley reiterates its long-term
target of managing $10 trillion in
assets
January 2023 Morgan Stanley reveals Gorman’s total
compensation for 2022 slipped 10% to
$31.5 million
March 2023 U.S. judge dismisses seven lawsuits by
investors who accused Morgan Stanley and
Goldman Sachs of insider trading and
market manipulation linked to Archegos
March 2023 Morgan Stanley joins major U.S. banks in
injecting a combined $30 billion in
deposits into First Republic Bank
May 2023 Morgan Stanley plans to eliminate about
3,000 jobs in the second quarter,
Reuters reports citing a source
May 2023 Gorman says he plans to step down as CEO
within a year and stay on as executive
chairman for an unspecified period
June 2023 Reuters first reports that the bank’s
board will focus on the selection of CEO
James Gorman’s successor at its summer
and fall meetings
August 2023 Goldman Sachs, JPMorgan Chase, Morgan
Stanley and UBS reach a $499 million
settlement of an antitrust lawsuit by
investors who accused them of conspiring
to stifle competition in stock lending
Sources: Company statements, investor updates, investor conferences, media reports, regulatory filings
(Reporting by Manya Saini in Bengaluru; Editing by Rod Nickel)
