Ted Pick takes charge of Morgan Stanley
Can he keep the bank’s stellar run going?
WHEN JAMES GORMAN took the helm at Morgan Stanley it was barely afloat. His tenure as the bank’s chief executive began on January 1st 2010, in the teeth of the global financial crisis. After the failure of Lehman Brothers, in 2008, fear had spread that other dominoes would soon topple. Morgan Stanley seemed a likely candidate. Hank Paulson, then treasury secretary, is rumoured to have offered it up to JPMorgan Chase for free (Jamie Dimon, JPMorgan’s boss, apparently declined). The firm then accepted a government bailout. In 2009 its return on equity, a benchmark measure of profitability, was just 4%.
This article appeared in the Finance & economics section of the print edition under the headline “Follow that!”
Finance & economics January 20th 2024
- How strong is India’s economy under Narendra Modi?
- The countries which raised rates first are now cutting them
- Ted Pick takes charge of Morgan Stanley
- Australian houses are less affordable than they have been in decades
- China’s population is shrinking and its economy is losing ground
- Wall Street is praying firms will start going public again
- The Middle East faces economic chaos
- What economists have learnt from the post-pandemic business cycle
From the January 20th 2024 edition
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