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James Gorman pivoted to 'wealth management' to save Morgan Stanley after the 2008 financial crisis, but now feds are looking into the unit's rapid growth to $6T in AUA, amid allegations of lax oversight and money laundering

Gorman bailed on the firm, Jan. 1, leaving successor Ted Pick to pick up the pieces; Wall Street wasted no time dumping the stock after a WSJ report that a Federal Reserve probe had metasticized to other agencies

Author Brooke Southall April 12, 2024 at 1:47 AM
no description available
Ted Pick: “$10 trillion is coming. We're going to get there.”
Keith Girard contributed to the editing of this article.

Morgan Stanley

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