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Practice Management > Building Your Business

Morgan Stanley Says Its CEO Has Recovered From COVID-19

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(Photo: Bloomberg)

Morgan Stanley CEO James Gorman has recovered from COVID-19, according to a Bloomberg report.

The executive, 61, recently told the bank’s employees that he had flu-like symptoms last month and tested positive for COVID-19, but he did not require a hospital stay during the illness.

The news was confirmed Thursday by a company spokesperson.

Morgan Stanley, which has some 15,500 financial advisors, is buying discount broker E-Trade Financial for $13 billion, creating a firm that could have over $3 trillion in client assets. It reportedly got Justice Department approval for the deal two weeks ago. 

The firm will report its first-quarter 2020 earnings on Wednesday.

No Layoffs

Also in late March, Gorman told Morgan Stanley’s employees that the bank planned to keep its employees on board throughout the year. (The memo was seen by ThinkAdvisor and its contents were confirmed by a spokesperson.)

“I am sure some, if not many, of you are worried about your jobs,” he explained. “While long term we can’t be sure how this will play out, we want to commit to you that there will not be a reduction in force at Morgan Stanley in 2020. Aside from a performance issue or a breach of the code of conduct, your jobs are secure.”

According to Gorman, some 90% of the bank’s employees are working from home due to the coronavirus. “I am incredibly proud of you! Working from home, supporting our clients and this great firm, and helping your families throughout the physical and mental stress,” he said.

Late last year, Morgan Stanley moved to trim some 1,500 jobs, or 2% of its global workforce, to boost efficiency in the face of weak trading revenue.

The cuts were set to include some managers in sales, trading and research, according to a Bloomberg report, and were focused on the technology and operations divisions.


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