He joined Morgan Stanley in February 2006 and was named co-president the following year.
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Gorman went on to hold a series of executive positions at Merrill. Gorman was then recruited on a handshake to Merrill Lynch by its former CEO David Komansky, Gorman told The New York Times in an obituary for Komansky, who died in 2021. He started his career as an attorney before joining McKinsey & Co and rising to senior partner. "I am also an immigrant, coming from Australia, and let me tell you, it is a long journey from Melbourne to New York, and I am very proud that I made it and I am now a citizen of this great country," Gorman told the House Financial Services Committee in 2021. He earned bachelor's and law degrees from the University of Melbourne and an M.B.A. The executive, a music fan also known for his dry sense of humor, grew up in Australia, one of 10 children. Known for his sharp analytical mind and blunt communication, Gorman reviews the bank's daily profit-and-loss accounts and writes down key numbers every night before he goes to bed, he told The Australian Financial Review last year. The firm's emphasis on serving wealthy clients decreased its reliance on more volatile businesses like investment banking and trading. wealth business an "asset gathering monster," and a "killer machine," he said on an earnings conference call last month. The acquisitions have made Morgan Stanley's U.S. He was also the key architect behind Morgan Stanley's purchase of Smith Barney, a brokerage and investment adviser, in 2009. Morgan Stanley bought money manager Eaton Vance, online broker E*Trade, and stock-plan manager Solium Capital under Gorman's leadership. Under his leadership, Morgan Stanley became a wealth management powerhouse that aims to manage $10 trillion in assets.
Gorman, 64, has led the Wall Street investment bank since 2010 and transformed it through a series of major deals. In the show, Roy dies as CEO of the company, without having chosen a successor. "And I definitely have no plans to go out like Logan Roy," he said, referring to the lead character in the HBO television show about the family of a media tycoon.
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"An issue of paramount importance to shareholders, employees and clients is, of course, succession - and no, I'm not just talking about the TV series," Gorman told shareholders at the company's virtual annual meeting. NEW YORK, May 19 (Reuters) - When James Gorman made one of the biggest announcements of his career on Friday - that he would be stepping down as Morgan Stanley CEO within a year - he still managed to crack a joke.
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