Ted Pick

Ted Pick became CEO of Morgan Stanley on January 1, 2024, succeeding James Gorman who had led the firm since 2010. Pick is a 34-year veteran of Morgan Stanley, having spent most of his career in the institutional securities division where he rose to co-president of the firm before being named sole CEO. Pick inherits a fundamentally transformed Morgan Stanley. Under Gorman, the firm acquired E*Trade and Eaton Vance, shifting its revenue mix from volatile trading toward stable wealth and asset management fees. The firm now manages over $6 trillion in client assets, making it one of the world's largest wealth managers. His background in institutional securities — the division encompassing investment banking, sales & trading, and capital markets — gives him deep expertise in the more cyclical side of Morgan Stanley's business. The key challenge is maintaining the wealth management growth trajectory while revitalizing the investment banking pipeline as the M&A and IPO markets recover from a multi-year drought. Pick must also navigate increasing competition in wealth management from firms like JPMorgan and Goldman Sachs, who are aggressively expanding their own wealth platforms. His leadership will be tested by his ability to retain top financial advisors, integrate technology across the platform, and demonstrate that Morgan Stanley's premium valuation relative to peers is justified by sustainable fee-based revenue growth.