James P. Gorman
James Patrick Gorman
14 July 1958
|Education||University of Melbourne (BA, LLB)|
Columbia University (MBA)
|Title||Chairman and CEO of Morgan Stanley|
James Patrick Gorman (born 14 July 1958) is an Australian-American financier who is the chairman and chief executive officer of Morgan Stanley. He was formerly Co-President and Co-Head of Strategic Planning at the firm.
James P. Gorman was born in Melbourne, Australia. He is one of 10 children. He was educated at Xavier College, and earned his Bachelor of Arts and Bachelor of Laws from the University of Melbourne, where he was a residential member and president of Newman College.
After graduating Columbia, he joined McKinsey & Company and eventually became a senior partner. At McKinsey he worked on the Merrill Lynch account for ten years, and helped develop Merrill's online internet strategy. In 1999, he joined Merrill Lynch in the newly created role of chief marketing officer. He also joined the 19-member executive management committee. Within two years, he was in charge of Merrill's brokerage business.
Gorman left Merrill in February 2006 to join Morgan Stanley as the President and Chief Operating Officer of the Global Wealth Management Group (GWMG). In October 2007, Gorman took on the additional role of Co-Head of Strategic Planning with Chief Financial Officer Colm Kelleher. In December 2007, he was named Co-President of Morgan Stanley, along with Walid Chammah, with the day-to-day responsibility for Wealth Management and Asset Management.
In 2009, he helped create the largest wealth management platform globally when he led the merger and integration of Morgan Stanley's wealth management business with Citi's Smith Barney business. Structured as a staggered acquisition, Morgan Stanley purchased the remainder of the joint venture in June 2013, and is a global leader in wealth management with over 16,000 financial advisors and $1.8 trillion in client assets.
In September 2009, it was announced he would become CEO of Morgan Stanley in January 2010. He also assumed the title of Chairman in January 2012 following the retirement of John J. Mack. Press reports indicate his compensation as Chairman and CEO was $9.75 million for 2012, with the New York Times reporting an increase to $18 million in 2013.
In the wake of the 2016 United Kingdom European Union membership referendum, which led to a popular vote to leave the European Union, Gorman said there was "nothing good about Brexit". He added that some jobs would be moved not only out of England, but out of Europe entirely, possibly to New York City or Tokyo.
In January 2020, he was appointed an Officer of the Order of Australia (AO) that recognizes Australians who have demonstrated outstanding service or exceptional achievement. Gorman said he was "honoured to receive this award and extremely proud to represent Australia abroad." "While most of my working life has been in the US my heart remains firmly Australian," Mr Gorman said.
As a result of his work in 2020, James Gorman was paid a 22% raise ($6 million) from 2019 pay of $27 million by Morgan Stanley, making him the highest-paid bank executive in America. The Wall Street firm generated record revenue that year and announced two multibillion-dollar acquisitions of E*trade Financial Corp. and Eaton Vance Corp. and avoided much of the economic recession caused by the pandemic.
Gorman serves on the Federal Advisory Council to the U.S. Federal Reserve Board, the Board of Overseers of the Columbia Business School, the Monetary Authority of Singapore International Advisory Panel, the Financial Services Forum, the Boards of the Partnership for New York City, and the Institute of International Finance. He formerly co-chaired the Business Committee of the Metropolitan Museum of Art and served on the board and as Chairman (2006) of the Securities Industry and Financial Markets Association in Washington, D.C.
Gorman is a dual citizen of Australia and the United States and lives in Manhattan. He has two adult children. Gorman earned $27 million in 2019.
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- "Mr James Gorman". It's An Honour. Retrieved 2021-05-19.
- "Top bankers among Australia Day honourees".
- "Morgan Stanley CEO Gorman's annual pay rises by $6 million".
- "Morgan Stanley CEO James Gorman is now the highest-paid bank executive in America following a 22% raise amid a record year for the company".
- Rudegeair, Peter (2021-01-22). "Morgan Stanley CEO James Gorman Got a Big Raise for 2020". Wall Street Journal. ISSN 0099-9660. Retrieved 2021-01-23.
- "Federal Reserve: Meeting of the Board of Governors and the Federal Advisory Council February 6,2015" (PDF).
- "HITC: Morgan Stanley's Gorman announced as director at Federal Reserve New York".
- "MAS: International Advisory Panel".
- "Occupy: GLOBAL POWER PROJECT, PART 9: BANKING ON INFLUENCE WITH MORGAN STANLEY".
- "Japan Society: MORGAN STANLEY CEO JAMES P. GORMAN KEYNOTES JAPAN SOCIETY'S 2011 ANNUAL DINNER".
- "Press Release: James P. Gorman Reelected as a Class A Director to New York Fed Board of Directors".
- "NYT: James Gorman of Morgan Stanley, Going Against Type".
- "American Banker: Morgan Stanley CEO: We'll Buy Rest of Smith Barney's Assets".
- "Morgan Stanley CEO Gorman's total 2019 pay falls 7% to $27 million".