Aussie climbs atop US bank
(14 September 2009 – USA) James Gorman has made the highest climb of any Australian on Wall Street, being confirmed as the next chief executive of US investment banking giant, Morgan Stanley.
Currently Co-President of the investment bank, James Gorman will become the firm's Chief Executive Officer, effective the first day of 2010. Mr Gorman also will join Morgan Stanley's Board of Directors at year end.
Gorman will replace current Chairman and CEO John Mack, who will continue to serve as Chairman. Mack indicated 18 months ago that he would step down from the CEO role after his 65th birthday, later this year.
Gorman, 51, has served as Co-President of Morgan Stanley for the past two years, heading up a range of businesses, including Global Wealth Management, Investment Management business and Operations and Technology, among others.
Gorman joined Morgan Stanley in February 2006 as the President and Chief Operating Officer of the Global Wealth Management Group. In October 2007, Mr Gorman took on the additional role of Co-Head of Strategic Planning with Chief Financial Officer Colm Kelleher, and assumed the Co-President role in November 2007.
Described as a ‘native of Australia’ by the American bank, Mr Gorman grew up in Australia, earned a B.A. and law degree from the University of Melbourne and later moving to the US for an MBA at Columbia University.
Prior to joining Morgan Stanley, Mr Gorman held a succession of executive positions at Merrill Lynch including leading, from 2001 to 2005, the company's US and, subsequently, global private client businesses.
The bank’s board credited Gorman with leading the dramatic turnarounds of major businesses at both Merrill Lynch and Morgan Stanley. This year, with the Smith Barney joint venture, Gorman led the integration of the world's largest wealth management business.
Gorman will replace current Chairman and CEO John Mack, who will continue to serve as Chairman. Mack indicated 18 months ago that he would step down from the CEO role after his 65th birthday, later this year.
Gorman, 51, has served as Co-President of Morgan Stanley for the past two years, heading up a range of businesses, including Global Wealth Management, Investment Management business and Operations and Technology, among others.
Gorman joined Morgan Stanley in February 2006 as the President and Chief Operating Officer of the Global Wealth Management Group. In October 2007, Mr Gorman took on the additional role of Co-Head of Strategic Planning with Chief Financial Officer Colm Kelleher, and assumed the Co-President role in November 2007.
Described as a ‘native of Australia’ by the American bank, Mr Gorman grew up in Australia, earned a B.A. and law degree from the University of Melbourne and later moving to the US for an MBA at Columbia University.
Prior to joining Morgan Stanley, Mr Gorman held a succession of executive positions at Merrill Lynch including leading, from 2001 to 2005, the company's US and, subsequently, global private client businesses.
The bank’s board credited Gorman with leading the dramatic turnarounds of major businesses at both Merrill Lynch and Morgan Stanley. This year, with the Smith Barney joint venture, Gorman led the integration of the world's largest wealth management business.
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