Who is Morgan Stanley’s CEO James Gorman really?
We know that Gorman, who is just entering his third year as CEO, rarely goes in front of the cameras.
But this month he’s the feature story in Bloomberg Markets magazine and he’s definitely not your typical Wall Street CEO.
In fact, we learned some pretty quirky details about his life from his eating habits, to his childhood, his hobbies and what he likes to wear.
Gorman's father used to make his children take an IQ test.
Not only were the subjected to testing, but the results were posted in the family's living room with both the score and expected occupation.
According to Gorman's test results, he should have been a mid-level bureaucrat or manager.
Gorman, who attended Xavier College for undergrad, earned his law degree from the University of Melbourne in Australia.
He practiced law at Phillips Fox and Masel before he moved to the United States.
Gorman joined Morgan Stanley in 2006 as president and chief operating officer of the Global Wealth Management Group.
Prior to joining Morgan Stanley, he headed Merrill Lynch's brokerage division.
Since assuming the role of chief executive, he's been tasked with shedding the bank's unprofitable investments and expanding in lower-risk areas.
Part of his plan has been to transition the bank into a wealth manager from a trading house.
He's also set a goal of 15% return on equity.
According to Bloomberg Markets, Gorman likes to keep a handwritten checklist on his desk of the tasks he needs to finish.
For example, he crossed off Morgan Stanley closing out its exposure to insurer MBIA this past December.
While 2011 cash bonuses at Morgan Stanley were capped at $125,000, Gorman also took a cut to his compensation package.
Gorman, who won't receive a cash bonus, will take home a 2011 compensation package totaling $10.5 million, compared with $14 million in 2010, sources told Bloomberg Markets.
'I say listen, you're naive, read the newspaper, No. 1. No. 2, if you put your compensation in a one year context to define your overall level of happiness, you've got a problem which is much bigger than the job. And No. 4, if you're really unhappy, just leave. I mean, life's too short.'