Pick led the turnaround of the bank's trading business after the 2008 financial crisis.
Share on linkedin Morgan Stanley tapped Ted Pick to become its new CEO, handing the reins to a veteran who has worked at the Wall Street bank for more than three decades.Pick succeeds James Gorman, who ran the bank for 14 years and transformed it into a wealth management behemoth.Pick, 54, played a signifiant role in turning around the bank's trading business after the 2008 financial crisis.Gorman signaled his plan to step down as CEO in May.
Australia-born Gorman's vision for building wealth management ran counter to the old-school Wall Street M&A and trading business the bank was built on.Under Gorman, and his wealth management build out, Morgan Stanley's value and quarterly earnings performance consistently soared past its Wall Street rival.Whether Pick steers the ship toward the wealth management base its built or if he pivots in the face of a shaky economy and rising market turmoil.
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