John Mack will down from his position as chief of Morgan Stanley early next year, CNBC’s Charlie Gasparino reports. He will be replaced by James Gorman.
Gorman joined Morgan Stanley in 2006, to become the president and chief operating officer of the Global Wealth management Group. He has been co-president of Morgan Stanley since 2007. Prior to joining Morgan Stanley, Gorman held several senior executive positions at Merrril Lynch.