Updated January 27th, 2024 at 18:10 IST
Morgan Stanley's former CEO James Gorman sells shares worth $4.4 million
The move comes on the heels of Morgan Stanley reporting a fourth-quarter profit dip of $535 million due to charges.
It was disclosed that Morgan Stanley's Executive Chairman, James Gorman, has divested shares of the bank amounting to approximately $4.4 million in the open market. Gorman, who served as Morgan Stanley's CEO from 2010 until the beginning of this year, executed the sale of 50,000 common stock units, with each priced at approximately $87.93.
The move comes on the heels of Morgan Stanley reporting a fourth-quarter profit dip of $535 million due to charges, although its revenue surpassed expectations, thanks to a rebound in investment banking. Gorman's decision to sell shares aligns with ongoing developments since Ted Pick took over as CEO in October, succeeding Gorman in a leadership transition.
Gorman, who joined Morgan Stanley in 2006 and assumed the role of co-president in 2007, played a pivotal role during the 2008 financial crisis alongside then-CEO John Mack.
The sale of shares by Gorman, a veteran in the financial industry, raises questions about his outlook on the bank's future performance and strategic direction. Analysts and investors will likely scrutinize this move for potential insights into Morgan Stanley's trajectory under its new leadership.
(With Reuters inputs)
Published January 27th, 2024 at 13:30 IST
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