© Reuters. The corporate logo of financial firm Morgan Stanley is pictured at the company’s headquarters in New York, USA, on April 17, 2017. REUTERS/Shannon Stapleton/File Photo
(Reuters) – Below are some quotes from banking observers and a rival about investment bank Morgan Stanley’s appointment of insider Ted Pick on Wednesday as CEO effective Jan. 1, replacing longtime boss James Gorman.
BRIAN MULBERRY, CUSTOMER PORTFOLIO MANAGER, ZACKS INVESTMENT MANAGEMENT
“We expect the number of mergers and acquisitions to increase significantly in the next few years, and this is Pick’s core competency. That’s why we think it’s a good move. He was also probably the right choice because he gave them stability and experience.” is missing as this succession discussion is ongoing. This is the type of event that could lead to faster earnings estimate revisions and investors could move to adopt the stock.”
ANA ARSOV, MANAGER, MOODY’S
“James Gorman is an exceptional visionary banker who has led a traditional investment bank through a transformative and successful evolution into a diversified, dynamic wealth management institution. As with all of his ventures, his successor was well planned, making for a…smooth transition.”
STEPHEN BIGGAR, ANALYST, ARGUS RESEARCH
“Morgan Stanley is generally in very good shape since Gorman left them. Asset management carried it, while investment banking and M&A activity were weak. Trade was also strong. Large integrations like eTrade and Eaton (NYSE:) Vance are behind it and have led to great diversification. Going forward, we will have to contend with a continued decline in IPO activity (with the right staffing levels) and also with increased regulation on the horizon, which will likely bring with it higher capital requirements.”
DAVID SOLOMON, CEO, GOLDMAN SACHS
“First, I would like to congratulate James Gorman on his extremely successful tenure as CEO at Morgan Stanley. James was a remarkable CEO, a builder, a competitor, but also a great friend. I also congratulate Ted Pick on his appointment as the new CEO CEO. We are very happy for him and wish him all the best as he takes the helm of a great company.”
KENNETH LEON, DIRECTOR EQUITY RESEARCH AT CFRA RESEARCH
“Today’s announcement is more about business continuity and a full complement of next leadership.”
MARK NARRON, ANALYST, FITCH RATINGS
“From our perspective, it is important that the board made its selection in a timely manner and that there is strong strategic continuity.”
Source : www.investing.com