Strategic Comp’s Post

Morgan Stanley chooses Ted Pick to replace James Gorman as CEO 👱🏻♂️ Who is Ted Pick? Pick, co-president of Morgan Stanley for the last two years, led the bank's institutional securities group, which includes investment banking and trading activities. He’s a Harvard MBA, who joined Morgan Stanley way back in 1990. 🔄 Does this mean a change in direction for Morgan Stanley? No. At least that’s what we were told by Pick in an FT interview where he said that his appointment was “not a change in strategy”. 🗓️ When does he take over and was this a surprise? Pick, 54, was seen as the frontrunner for the job, will start the role on January 1. 👉 Is that it for James Gorman? Far from it. Gorman will become executive chair of the board of directors. What did the out going legendary CEO James Gorman have to say… he’s “battle-tested”. Succession complete. #MorganStanley #InvestmentBanking #Finance #WallStreet

Can you imagine sitting down with the #CEO or #CFO of a multi-billion dollar business... as a 22-year-old recent college graduate? 🤯 MoneyLion co-founder & CEO Dee Choubey began his career at Goldman Sachs and tells Managing Partner Christopher Sugden that Wall Street boasts the best access, opportunity, and education post-graduation. Have you tuned in to Episode 23 of #ElectrifyingGrowth? https://lnkd.in/g9B4DDDf #investmentbanking #collegegraduateadvice #leadershippodcast

1) Toyota Motor Corporation issued a safety #recall in the US, of about 1.85 billion Toyota RAV4 model vehicles of 2013-2018, with reason to risk of fire at battery replacement installation. 2) Fastmarkets, a global price reporting agency (#PRA) launched a suite of prices and coverage for rare earth materials, which play critical roles in the electrification of the transportation sector and clean energy generation.   3) AI service provider atNorth said it joined Finnish Data Center Association (FDCA) with an objective of nurturing fast growing data center ecosystem in Finland, also to enhance #standardization and #sustainability of its industry processes.   To read more click on the link: https://lnkd.in/gdp3Sctj #BusinessTabloid #newsupdate  #media #ai  #tech

Succession planning (again).... Morgan Stanley's Chairman and ex-CEO received an enhanced bonus in his final year for managing his succession process and transition to new CEO, Ted Pick. The 'race' is on at both JPMorgan Chase & Co. and Goldman Sachs. Jamie Dimon's current retention bonus scheme ends in 2026, when he will be 69. He's just re-shuffled his leadership team again....perhaps with a view to someone taking over from him in a couple of years - if he wants to leave! Goldman Sachs's CEO David Solomon may not have that luxury. The bank's performance has stuttered over the past couple of years after mis-steps with Marcus by Goldman Sachs. However, yesterday, one of Solomon's potential successors, Jim Esposito left the bank. He's 56...so may have decided that Solomon may be around for longer after all. Both Gorman and Dimon led their banks to incredible success. Will Dimon reap the same plaudits as his peer for facilitating a smooth succession. Time will tell - and it will be fascinating to watch. #successionplanning #succession #successionplan #investmentbanking #ceo #ceos #financialservices

Is Goldman Sachs losing more partners than before as David Solomon seeks to transform the bank? Or are the departures under the CEO par for the course – part of an ever-changing group of leaders? To better answer that question, my colleagues and I (Dakin Campbell, CFA, Kaja Whitehouse, Walter Hickey) set out to get the data. We tracked down every partner who has left Goldman from the beginning of 2019 through today and compared it with the bank's historical rate of partner departures. See the list and how we created it: https://lnkd.in/eFza-dTr

𝐅𝐫𝐨𝐦 𝐣𝐚𝐧𝐢𝐭𝐨𝐫 𝐭𝐨 𝐒𝐞𝐧𝐢𝐨𝐫 𝐏𝐚𝐫𝐭𝐧𝐞𝐫 𝐚𝐭 𝐆𝐨𝐥𝐝𝐦𝐚𝐧 𝐒𝐚𝐜𝐡𝐬 – 𝐒𝐢𝐝𝐧𝐞𝐲 𝐖𝐞𝐢𝐧𝐛𝐞𝐫𝐠. One of my favourite Investment Bankers. 🛠️ Juggling Challenges: Born in 1891 in a large family, Sidney dropped out of school to support his family. Working three jobs simultaneously as a mail boy until he was let go from all three. His resilience in the face of adversity was nothing short of inspiring. 🔍 Crisis as Opportunity: Even as a young boy, Sidney recognized that the biggest opportunities often arise during financial crises. He ingeniously capitalized on panic during a bank run by selling his spot in line to those desperate to withdraw their money faster. ⛰ Early Determination: Starting his career in the most humble place: the Goldman Sachs mailroom. Sidney quickly demonstrated a keen sense of business and an unmatched work ethic. From sorting mail to meticulously managing administrative tasks, he seized every opportunity to learn about finance and investment banking. 🧗♂️ Climbing the Ranks: His exceptional dedication and sharp business acumen did not go unnoticed. Sidney’s ability to connect with clients and his innovative ideas for navigating financial challenges paved the way for his rapid ascent within the firm. 📈 Breaking Barriers: With unwavering determination, he broke through numerous barriers, becoming a partner by the age of 33 and eventually the Senior Partner of Goldman Sachs. 🔄 Strategic Transformation: As Senior Partner during the Great Depression, Sidney boldly shifted Goldman Sachs from speculative trading to a focus on underwriting and investment banking. This strategic pivot was exemplified by orchestrating the landmark IPO for Ford in 1956, redefining Goldman’s role in the financial markets. One aspect of Sidney Weinberg's story that resonates with me is how he refused to compromise his ethics and principles. It's sad to see these days how many people are surprised when they witness me choose Integrity > winning. 📖 Check out: "Sidney Weinberg: Wall Street's Mr. Anonymous" by Malcolm Johnson. #SidneyWeinberg #WallStreetLegend #FinanceIcon #GoldmanSachsHistory #LeadershipLessons #BankingInnovator #FinancialWisdom #MrWallStreet #BusinessStrategy #EthicalLeadership

MarketAxess Holdings Inc. (NASDAQ: MKTX) is thrilled to announce the appointment of Ilene Ilene Fiszel Bieler as our new Chief Financial Officer! 🚀 With an impressive background including roles at State Street Global Markets and Barclays plc, Ilene brings a wealth of experience to the team. Her expertise is poised to drive MarketAxess forward as it continues to innovate in the fixed-income space. Welcome aboard, Ilene! #MarketAxess #CFO #Innovation #Leadership #FinanceNews #Nasdaq #FinancialServices #FixedIncome #BusinessUpdate #MarketNews #CorporateAnnouncement #NewHire #FinancialLeadership #StockMarket #Investment #MarketTrends

Succession. Morgan Stanley has just announced that Ted Pick, currently head of its Investment Banking division, will replace James Gorman as CEO on 1 January 2024. Gorman will remain Executive Chairman of the Board to oversee a smooth transition. Pick has been with Morgan Stanley for over 30 years so knows the business incredibly well - he also worked alongside Gorman during the financial crisis when Morgan Stanley was fighting for its future. What is potentially more interesting is that Pick's rivals for the top job, Andy Saperstein and Dan Simkowitz, are staying with the firm and will be Co-Presidents. In other succession 'competitions' it's usually only the victor that stays on whilst the others 'spend more time with their family'. The message from Morgan Stanley is clear - change, but no change. Gorman is leaving, but the strategy and key leaders will remain the same. #investmentbanking #succession #successionplanning

Terrific article!!

David Solomon's leadership style has come under recent scrutiny, including criticism that he has been driving out partners at an unprecedented rate. Media reports have documented the exits for some of the bank's brightest stars: heavy hitters in trading and investing like Julian Salisbury and Joe Montesano; well-respected bankers like Dina Powell McCormick, Russ Hutchinson, and Tammy Kiely. Internally, some partners have expressed concern that if Goldman loses too many senior leaders, its bench will become too thin, and performance will suffer. Insider found 210 partners who left Goldman Sachs Sachs between 2019 and today. Assuming no other partners leave this month, that breaks down to an average annual departure rate of 43.4, slightly above Goldman's projections of 30 to 40 annual partner departures. See the list to learn how partner departures have changed under Solomon. Read the full story by Dakin Campbell, Emmalyse Brownstein, Walter Hickey, and Kaja Whitehouse: https://lnkd.in/eFza-dTr (Credit: Getty Images; Jenny Chang-Rodriguez/Insider) #finance #goldmansachs #partners #davidsolomon