Morgan Stanley's board has narrowed its CEO search to three 'very strong' internal candidates to succeed Gorman, the chief said.
said Friday he plans to resign as CEO within the year, setting off a succession race atop one of Wall Street's dominant firms.
"The specific timing of the CEO transition has not been determined, but it is the board's and my expectation that it will occur at some point in the next 12 months," Gorman said. The firm's investors have rewarded it with one of the top valuations among big bank peers. That's because shareholders favor the steadier revenue streams from wealth and asset management over more volatile trading and advisory operations.
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