Morgan Stanley's CEO activated his retirement mode on four separate occasions
In the world of banking, there's a new king in town. Jamie Dimon, CEO of JPMorgan Chase, has reclaimed the title of top-paid CEO in the industry, surpassing James Gorman of Morgan Stanley.
Dimon's rise to the top comes amidst a year filled with unfiltered talk and bold moves. At a conference last year, he railed against institutional investors who follow the recommendations of proxy advisers such as Glass Lewis and Institutional Shareholder Services. He also blasted lawmakers who labeled him as 'woke' due to JPMorgan's step-back in financing fossil-fuel companies and firearms manufacturers.
Meanwhile, Morgan Stanley has been making waves of its own. The bank's shares jumped 6.5% on a day that saw strong performances across the board. The wealth management unit reported $6.7 billion in revenue over the second quarter, with $89.5 billion in net new assets. These impressive figures suggest that Morgan Stanley could surpass $20 trillion in assets under management under its next CEO, according to James Gorman.
Gorman, who announced he will step down from his position in the next year, has shown a penchant for innovation. He has expressed interest in dispatching with quarterly earnings reports and favoring updates every six months instead. He also called in-person shareholder meetings an 'enormous waste of time and money.'
Amidst all the change, there's been a sense of stability at Morgan Stanley. Gorman previously pledged not to cut jobs in 2020 during the COVID-19 pandemic. And on the day of the strong performance, he joked about retiring.
In late 2020, Dimon expressed interest in potential acquisitions in the asset management segment of JPMorgan Chase's business. Meanwhile, a search result suggests that a shareholder contacted Gorman during his last year as CEO to inquire about a possible purchase of Morgan Stanley's asset management business, but the specifics remain unclear.
The news of Dimon's top-paid CEO status comes after a controversial move by JPMorgan shareholders. They rejected a compensation plan that included $52.6 million in one-time options for Dimon, but the bank granted him the payout anyway.
As the dust settles on these changes, one thing is clear: the world of banking is anything but boring. With leaders like Dimon and Gorman at the helm, we can expect more fireworks in the future.
Read also:
- Shaping India's Economic Progression: Readying the Financial System for Tomorrow
- Conflict between Ben & Jerry's co-founder and Unilever over Gaza issues leads to resignation of co-founder
- Two farmers in Zambia take legal action against two firms with Chinese connections, alleging an ecological disaster caused by their operations.
- Deepening EU-India relations despite apprehensions regarding Moscow connections
