When Mr Ted Pick takes over Morgan Stanley in January, he will face a problem that a lot of new chief executives would like to have: When the company has been doing this well, what can you do for a next act?
Outgoing CEO James Gorman has racked up an enviable 14-year record. He transformed a wobbly investment bank weakened by the 2008 financial crisis into a financial advisory powerhouse with a series of huge acquisitions. Morgan Stanley now draws more than half of its pre-tax profits from asset and wealth management, and trades on a higher multiple of book value than Wall Street rival Goldman Sachs, suggesting investors rate it more highly.
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