Incoming CEO Ted Pick shares his vision for Morgan Stanley

Morgan Stanley (NYSE: MS) is trending up today after naming Ted Pick its new Chief Executive. Pick will take the helm on January 1^st.

Pick does not plan on changing the strategy

Pick is convinced that the financial services behemoth is already on an optimum track.

To that end, he does not plan on changing things materially at Morgan Stanley. On CNBC’s “Squawk on the Street”, Pick said today:

There are so many opportunities to grow … the business strategy is sound. There will be no change in strategy. We’re going to keep with it.

Morgan Stanley is naming three-decade firm veteran and co-president Ted Pick to become its new CEO, succeeding James Gorman, who will stay on as executive chairman.

Adam Haigh reports https://t.co/5ouTlaoSnP pic.twitter.com/SCDzsUirVg

— Bloomberg TV (@BloombergTV) October 25, 2023

Last week, Morgan Stanley reported its financial results for the third quarter that came in ahead of Street estimates. Still, the bank stock is down close to 30% versus its year-to-date high at writing.

Why was Ted Pick selected as CEO?

Other executives that contended for the top role at Morgan Stanley included Dan Simkowitz and Andy Saperstein.

Both remain committed to the investment bank and speculation that they might leave is rather overblown, as per James Gorman – the current head of the New York listed firm.

Ted Pick has “all the business skills” required to lead Morgan Stanley, he added. Note that the incoming CEO breathed new life into bank’s fixed income segment in 2015 – and he managed to drive equally phenomenal performance out of investment banking, equities, and capital markets as well.

Last week, famed investor Jim Cramer said the sell-off in “MS” following its quarterly report was an opportunity to buy a quality name at a discount.   

Watch here: https://www.youtube.com/embed/2Jbtw-m2Mes?feature=oembed

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