CEO Gorman attempts to overhaul Morgan Stanley

01/18/2010 | NYTimes.com

As Morgan Stanley's CEO, James Gorman is charged with overhauling an investment bank that narrowly escaped the financial crisis, which drove out many of its rivals. Under the leadership of Gorman's predecessor, John Mack, Morgan Stanley thrived on high-risk trading. Gorman will strive to change the bank's culture at a time when he is expected to announce the company's first annual loss in its nearly 75 years in business. "Clearly there were some mistakes made, but you can't be in a complex global bank and not have mistakes," Gorman said.

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