Morgan Stanley CEO: No immediate plans to retire, Latest Business News - The New Paper

Morgan Stanley CEO: No immediate plans to retire

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Morgan Stanley chief executive officer James Gorman, 61, has no immediate plans to step down and is developing a strong second rung of leadership, the Wall Street banker told CNBC on Friday.

"I want to develop a team to replace me," he said, adding he had "no desire to be here" when he is 70 years old.

The comments come against the backdrop of uncertainty over the bank's long-term succession planning after the retirement in June of former president Colm Kelleher, Mr Gorman's second-in-command and touted potential successor.

After Mr Kelleher's departure was announced, Mr Gorman had said co-presidents could be named, but no appointments have been made yet.

Internally, potential successors include Mr Ted Pick, who has Mr Kelleher's old job of running institutional securities, and Mr Andy Saperstein, who runs wealth management.

Mr Gorman also said the US Federal Reserve should hold rates steady and sounded confident about the health of the consumer, which had helped buoy big banks' third-quarter earnings.

He also said the bank would "always" remain based in London, as Britain speeds towards Brexit after Prime Minister Boris Johnson's crushing election victory. - REUTERS