Morgan Stanley announced Ted Pick as its new CEO, succeeding the decade-long leadership of James Gorman. A veteran with over 30 years at the bank, Pick has led the institutional securities division, significantly influencing the bank’s investment banking and trading sectors. Previously, he played a pivotal role in revitalising the firm’s fixed income division. Gorman, having strategically navigated the bank post the 2008 financial crisis, will transition to executive chairman. Concurrently, Andy Saperstein and Dan Simkowitz ascend to co-president roles, overseeing wealth, investment management, and institutional securities, respectively. Despite recent deal-making slumps, Saperstein’s wealth management unit has bolstered the firm’s performance. Following the announcement, Morgan Stanley’s shares saw a slight downturn.