While James Gorman enjoys a stellar reputation on Wall Street, not everyone at Morgan Stanley is impressed. Some insiders say he still carries with him attitudes formed as a consultant at McKinsey & Co, where he served as a senior partner in the financial services practice.
Critics say Gorman has a vain streak and one describes him as “an empty suit.”
It’s not surprising that Gorman has enemies at Morgan Stanley. He played the role of the axe-man when Morgan Stanley cut back on its retail brokerage business back in the day when every shop on Wall Street wanted to become a prop trading house like Goldman Sachs.
Ironically, Morgan Stanley has reversed itself recently and has been rebuilding its brokerage business. It may be challenging for Gorman to win back the confidence of the men and women in the divisions he cut back so harshly just a few years ago.