There is, at last, a woman in charge at one of the U.S.’s top banks. In time, she’ll be joined by the next CEO of JPMorgan Chase, although much to Marianne Lake’s chagrin, we do not know which woman it will be. The next leader of Goldman Sachs may also be a member of the fair sex, as the current head of Wells Fargo would be already had it been able to find a woman stupid enough to take that job. Brian Moynihan says there’s only a slightly-smaller-than-their-share-of-the-total-population chance that his successor at Bank of America will use the ladies’ room. America’s second-largest public pension fund has named its first female leader.
Morgan Stanley is going in a slightly different direction, but which we mean, the same direction all major banks had gone until earlier this year.
Ted Pick, the architect of Morgan Stanley’s trading revival, and Andy Saperstein, who built the company into a wealth-management powerhouse, were tapped as co-presidents and given expanded roles atop the Wall Street bank that’s been gaining ground on rivals.
Among a slate of others changes: Investment management chief Dan Simkowitz will gain clout as co-head of strategy alongside Pick, and Chief Financial Officer Jon Pruzan will become chief operating officer.
Don’t worry, though: The plans and machinations of those men will be communicated in a female voice.
Morgan Stanley’s CFO role will pass to investor relations head Sharon Yeshaya, giving her a more prominent voice among investors and analysts.
In any event, as with Jamie Dimon, our time with the Eeyore of Wall Street isn’t done just yet: James Gorman plans to stick around for at least another three years. Apollo Global Management co-founder Josh Harris, though? His job is now well and truly done.
Apollo Global Management said on Thursday co-founder Josh Harris has decided to step down from his day-to-day role as managing director on completion of the private-equity giant’s deal with Athene Holding…. The change comes after co-founder Leon Black in March stepped down from his executive roles at the private-equity firm, a surprise move that capped a series of corporate governance changes triggered by a review of his ties to the late financier and convicted sex offender Jeffrey Epstein.
Morgan Stanley CEO Shakes Up Leadership With Eyes on a Successor [Bloomberg]
Pension fund CalSTRS gets first woman CEO [Reuters]
Apollo co-founder Josh Harris to step down from his day-to-day role [Reuters via CNBC]