James Gorman pivoted to 'wealth management' to save Morgan Stanley after the 2008 financial crisis, but now feds are looking into the unit's rapid growth to $6T in AUA, amid allegations of lax oversight and money laundering
Gorman bailed on the firm, Jan. 1, leaving successor Ted Pick to pick up the pieces; Wall Street wasted no time dumping the stock after a WSJ report that a Federal Reserve probe had metasticized to other agencies
Author Brooke Southall April 12, 2024 at 1:47 AM
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Keith Girard contributed to the editing of this article.
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Charles 'Chuck Schwab' called James Gorman to protest a two-broker poach, kicking off a hydra-headed legal battle, costing Morgan Stanley millions, so far
The Schwab founder and chairman invoked Charles Schwab Corp.'s zero-tolerance policy against Wall Street -- or RIA -- poaching of talent and AUM from Schwab branches.
