Morgan Stanley says Ted Beck will succeed James Gorman as CEO on January 1

Morgan Stanley said on Wednesday that Ted Beck He will succeed James Gorman as CEO at the beginning of 2024.

Beck, a Morgan Stanley veteran who rose through the ranks to lead the bank’s Wall Street operations, will join the New York-based bank’s board of directors, the bank said. launch.

Gorman will remain as CEO.

The announcement ends the top succession race on Wall Street. Morgan Stanley announced in May that Gorman intended to step down within a year and that he would choose his successor from one of the heads of the bank’s three main divisions.

Beck, who has been co-president of Morgan Stanley for the past two years, leads the bank’s institutional securities group, which includes investment and commercial banking activities.

Among insiders, Beck has long been considered the front-runner for the CEO job because of the complexity and risks involved in leading a major Wall Street firm. Beck, who graduated from Middlebury College and received an MBA from Harvard, joined Morgan Stanley in 1990.

He earned his reputation by putting several companies in good stead during an uncertain time for Morgan Stanley. The bank nearly flipped during the 2008 global financial crisis and needed a $9 billion infusion from Mitsubishi Bank.

In the wake of that turbulent period, Beck led Morgan Stanley’s equities division to become the world leader by revenue, in part with technology investments for quantitative investors and a focus on becoming a prime broker for hedge funds.

Subsequently, he was appointed to lead the bank’s struggling fixed income business, where he was credited with another turnaround. This performance led to his final role, as head of all Wall Street activities.

This is breaking news. . Please check back for updates