Morgan Stanley's Executive Chairman James Gorman plans to step down in 2024 after 14 years.

Morgan Stanley's Executive Chairman James Gorman announced he will step down on December 31, 2024, after 14 years leading the bank. Gorman, who is credited for transforming the bank into a wealth management leader, noted the successful transition of his successor, Ted Pick, into the top position earlier this year. Morgan Stanley's stock fell nearly 1% in morning trading following the announcement.