Morgan Stanley CEO James Gorman to Step Down in 2025, Marking End of Financial Crisis Leadership Era
James Gorman’s planned departure as Morgan Stanley CEO in 2025 signals the fading presence of leaders from the 2008-09 financial crisis era among major U.S. banks.
Few CEOs from the 2008-09 financial crisis era still lead major U.S. banks today.
James Gorman, the CEO of Morgan Stanley (MS), announced his intention to resign within the next 12 months, closing a significant chapter as one of the last remaining top executives from the Great Financial Crisis era. Since assuming the role in early 2010, Gorman transformed Morgan Stanley into a powerhouse in wealth management, steering the bank away from near collapse during the 2008-2009 financial turmoil.
Gorman’s upcoming exit will further diminish the number of long-serving CEOs who managed through the financial crisis, highlighting the gradual disappearance of direct leadership links to that pivotal period in U.S. banking history. Before becoming CEO, Gorman played a vital role in the 2009 acquisition of Smith Barney, a key move in Morgan Stanley's recovery.
Among the top 25 U.S. financial holding companies, only five CEOs remain who either led their firms through the crisis or began their tenure during that time. Richard Fairbank, founder and CEO of Capital One Financial (COF) since 1988, holds the longest tenure.
Jamie Dimon of JPMorgan Chase (JPM) has led the largest U.S. bank for 18 years, while Walt Bettinger at Charles Schwab (SCHW) and Stephen Steinour at Huntington Bancshares (HBAN) both started their leadership roles amid the crisis in late 2008 and early 2009 respectively.
Brian Moynihan, CEO of Bank of America (BAC), the second-largest U.S. bank, notably oversaw the rapid integration of Merrill Lynch after its acquisition during the crisis in September 2008, a move urged by federal regulators.
In contrast, 12 of the top 25 financial firms have appointed new CEOs in the past five years. This includes Darrel Hackett, who will take over as CEO of BMO Financial on June 1, and Jane Fraser of Citigroup (C), who assumed leadership during the COVID-19 pandemic.
These leadership transitions mark a generational shift in the banking industry, moving further away from executives shaped by the financial crisis to those navigating new challenges in a post-pandemic economy.
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