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Morgan Stanley's top contenders to replace James Gorman as CEO

Yahoo Finance Live anchor Diane King Hall reports on the decline in Morgan Stanley shares after current CEO James Gorman announced he is stepping down within the next year, plus the top contenders to replace him.

Video transcript

- Shares of Morgan Stanley under pressure, trading down about a percent. This after the bank CEO James Gorman says he's out with a big announcement this morning, saying he will step down from the leadership position within the year. The battle to become his replacement is on.

Gorman says Morgan Stanley's board has identified three possible candidates for the role. They are Morgan Stanley executives, Dan Simkowitz, Ted Pick, and Andy Saperstein. My colleagues Julie Hyman and Brad Smith spoke with Semafor finance reporter Bradley Saacks earlier. And he spoke about Gorman's legacy transforming Morgan Stanley into what it is today. Let's listen.

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BRADLEY SAACKS: If, 20 years ago, you said Morgan Stanley, this well-known investment bank known for deal-making was kind of riding along with its wealth management leading the pack, you'd be surprised. But I think that's going to be his legacy, is that he turned this bank into a very stable dominant player in a field where it had always been a player in, but has become a leader.

- Now, Gorman has been CEO since 2010, so 13 years in this role, making him one of the longest running US bank CEOs. He plans to stay on as executive chairman for a period after the new CEO takes over. And keep in mind, under Gorman's mantle, he also brought in Etrade. That was one of the key acquisitions he did.