The Business On... James Gorman, Chief executive, Morgan Stanley


The comeback kid?

Yes, but more on that later. For now, let's just say he's a self-confessed Australian straight-talker, who donned the chief executive's trousers in January 2010 and is due to add the chairman's tunic to his corporate wardrobe when John Mack retires at the end of the year.

Do you envy him?

His meaty pay packet (totalling $15.2m [£9.6m] last year), certainly, but not the 9 to 5 aspect of his existence. Having to steer a big Wall Street bank through the choppy waters of the US and European sovereign debt crisis, jittery stock and bond markets and a deteriorating global economy... sounds like a nightmare to me.



So, the comeback kid?

Mr Gorman's fortunes have certainly improved radically in the past fortnight. Yesterday, Morgan Stanley bounced into the black, posting an impressive, consensus-beating $2.2bn profit for the third quarter, in stark contrast to arch rival Goldman Sachs, which on Tuesday reported only its second quarterly loss since going public in 1999.



And a fortnight ago?

Rumours about Morgan's financial health were so bad that Mr Gorman took the drastic measure of sending out a company-wide memo addressing the "enormous amount of confusion and misinformation" about the bank and urging staff to ignore "the rumour of the day".



And now?

Morgan Stanley has benefited from solid performances in its main divisions and a one-off accounting gain, leading Mr Gorman to straight-talk that his company "effectively navigated turbulent markets" in the third quarter. And it turns out that it has only $7.1bn of exposure to France, Greece, Italy, Ireland, Spain and Portugal, which falls to just $2.1bn after hedges.

Start your day with The Independent, sign up for daily news emails
Latest stories from i100
Have you tried new the Independent Digital Edition apps?
SPONSORED FEATURES
Independent Dating
and  

By clicking 'Search' you
are agreeing to our
Terms of Use.

iJobs Job Widget
iJobs People

Austen Lloyd: Practice / HR Manager - Somerset

Excellent Salary: Austen Lloyd: A rare and exciting opportunity for a Practice...

Recruitment Genius: Human Resources Manager

Negotiable: Recruitment Genius: This company provides global satellite communi...

Austen Lloyd: Practice / HR Manager - Somerset

Excellent Salary: Austen Lloyd: A rare and exciting opportunity for a Practice...

Ashdown Group: HR Executive

£20000 - £23000 per annum + benefits : Ashdown Group: An exciting opportunity...

Day In a Page

Turkey-Kurdish conflict: Obama's deal with Ankara is a betrayal of Syrian Kurds and may not even weaken Isis

US betrayal of old ally brings limited reward

Since the accord, the Turks have only waged war on Kurds while no US bomber has used Incirlik airbase, says Patrick Cockburn
VIPs gather for opening of second Suez Canal - but doubts linger over security

'A gift from Egypt to the rest of the world'

VIPs gather for opening of second Suez Canal - but is it really needed?
Jeremy Corbyn dresses abysmally. That's a great thing because it's genuine

Jeremy Corbyn dresses abysmally. That's a great thing because it's genuine

Fashion editor, Alexander Fury, applauds a man who clearly has more important things on his mind
The male menopause and intimations of mortality

Aches, pains and an inkling of mortality

So the male menopause is real, they say, but what would the Victorians, 'old' at 30, think of that, asks DJ Taylor
Man Booker Prize 2015: Anna Smaill - How can I possibly be on the list with these writers I have idolised?

'How can I possibly be on the list with these writers I have idolised?'

Man Booker Prize nominee Anna Smaill on the rise of Kiwi lit
Bettany Hughes interview: The historian on how Socrates would have solved Greece's problems

Bettany Hughes interview

The historian on how Socrates would have solved Greece's problems
Art of the state: Pyongyang propaganda posters to be exhibited in China

Art of the state

Pyongyang propaganda posters to be exhibited in China
Mildreds and Vanilla Black have given vegetarian food a makeover in new cookbooks

Vegetarian food gets a makeover

Long-time vegetarian Holly Williams tries to recreate some of the inventive recipes in Mildreds and Vanilla Black's new cookbooks
The haunting of Shirley Jackson: Was the gothic author's life really as bleak as her fiction?

The haunting of Shirley Jackson

Was the gothic author's life really as bleak as her fiction?
Bill Granger recipes: Heading off on holiday? Try out our chef's seaside-inspired dishes...

Bill Granger's seaside-inspired recipes

These dishes are so easy to make, our chef is almost embarrassed to call them recipes
Ashes 2015: Tourists are limp, leaderless and distinctly UnAustralian

Tourists are limp, leaderless and distinctly UnAustralian

A woefully out-of-form Michael Clarke embodies his team's fragile Ashes campaign, says Michael Calvin
Blairites be warned, this could be the moment Labour turns into Syriza

Andrew Grice: Inside Westminster

Blairites be warned, this could be the moment Labour turns into Syriza
HMS Victory: The mystery of Britain's worst naval disaster is finally solved - 271 years later

The mystery of Britain's worst naval disaster is finally solved - 271 years later

Exclusive: David Keys reveals the research that finally explains why HMS Victory went down with the loss of 1,100 lives
Survivors of the Nagasaki atomic bomb attack: Japan must not abandon its post-war pacifism

'I saw people so injured you couldn't tell if they were dead or alive'

Nagasaki survivors on why Japan must not abandon its post-war pacifism
Jon Stewart: The voice of Democrats who felt Obama had failed to deliver on his 'Yes We Can' slogan, and the voter he tried hardest to keep onside

The voter Obama tried hardest to keep onside

Outgoing The Daily Show host, Jon Stewart, became the voice of Democrats who felt the President had failed to deliver on his ‘Yes We Can’ slogan. Tim Walker charts the ups and downs of their 10-year relationship on screen