© Reuters. The company emblem of economic agency Morgan Stanley is pictured on the corporate’s world headquarters in New York, U.S. April 17, 2017. REUTERS/Shannon Stapleton/File Photo
(Reuters) -Morgan Stanley’s Executive Chairman James Gorman offered shares of the financial institution value roughly $4.4 million on the open market, a regulatory submitting confirmed on Friday.
Gorman, who had been Morgan Stanley’s CEO since 2010 earlier than relinquishing the function at the beginning of the yr, offered 50,000 widespread inventory priced at about $87.93 every.
Earlier this month, Morgan Stanley shares slid after its fourth-quarter revenue took a success from $535 million in fees, although its income beat expectations as funding banking rebounded.
In October, Ted Pick received the race to succeed Gorman because the CEO of considered one of Wall Street’s greatest funding banks.
Gorman joined Morgan Stanley in February 2006 and was named co-president the next yr. As the 2008 monetary disaster unfolded, threatening to topple a few of Wall Street’s greatest companies, Gorman had a front-row seat alongside then-CEO John Mack.