Insider: Here's How I Know James Gorman Will Be Great For Morgan Stanley

Author:
Publish date:
Updated on

As you're aware, John Mack is retiring at the end of this year and come January 1, James Gorman, who currently runs the firm's brokerage unit, will take over as CEO. This has a gaggle of employees supposedly all nervous about what the change at the top might mean. Namely they're worried about whether or not Big G will have it in him to take on enough risk to "regain lost ground against Goldman" (and if he'll get everyone hopped up on sweets like Mack). Apparently Gorman's been meeting with traders and has assured them "risk taking is going to be a part of [Morgan's] business" but some people are not yet convinced. Enter, an unnamed Gorman loyalist to offer a confidence inspiring quote. How does this guy know Gorman won't dial down big bets? That he won't give Lloyd Blankfein yet another opportunity to ask "how's my ass taste"? That'll he'll do right by Morgan Stanley? Here's how: letters.

Those who have met or heard from Gorman say those fears are overblown, and add that what the new chief has said so far gives them comfort. One loyalist noted that even the new boss' name speaks to his suitability: Gorman is an anagram of Morgan.

You see, the old anagram assurance. It's one thing to name your firm after yourself, but it's quite another to by coincidence be able to rearrange the letters in your name to spell out the first word of the company you happen to work for at one point in your life. Everybody feel better now? Guy might as well have Henry and Harry's faces tattooed on his ass.

Related