Morgan Stanley’s New CEO Gambles, But Cautiously


The Wall Street Journal today offered the following anecdote as an example of how James Gorman, Morgan Stanley's new CEO, is an exemplar of the new, more cautious era on Wall Street.

Before his first day at Morgan Stanley in 2006, James Gorman went to Las Vegas to play poker. He watched Texas hold 'em for hours, without ordering a drink. Once he started playing, he won hundreds of dollars, says a person who was there. It isn't much of a gambling story, especially by Wall Street standards. But it explains why the 51-year-old Mr. Gorman is about to become the first postcrisis CEO on Wall Street.

That's pretty awesome. It's kind of like if one of his friends said, "Sure, he had sex with prostitutes, but they were definitely 18 and he always used a condom."

Morgan Stanley's New CEO Is a Switch [WSJ]