The head of investment banking and trading was one of three internal candidates, as James Gorman steps down in January after 14 years at the helm.
| Morgan Stanley selected Ted Pick to become its new chief executive officer, succeeding James Gorman after a 14-year run that reshaped the US bank.
Mr Pick beat out two other contenders — co-president Andy Saperstein and Dan Simkowitz, who has led investment management. Morgan Stanley said on Wednesday that Mr Saperstein will become head of wealth and investment management and named Mr Simkowitz co-president and head of institutional securities.“Morgan Stanley is a storied institution, and I am deeply honoured to have been chosen to lead it,” Mr Pick said in the statement.
But with the bank’s recent acquisitions, the wealth-management unit has been capturing a bigger piece of the revenue pie, helping lift the prospects of Mr Saperstein, who runs that arm. After his success in equities, he got another challenge: resuscitate the fixed-income division, the bank’s perennial sick child that struggled to keep pace with larger rivals. The division’s recovery since then is touted as a success story by the bank’s leadership.
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