James P. Gorman

specializing in tech M&A.

What did Morgan Stanley do after the crisis? They hired James Gorman, who is the president of Merrill Lynch Global Wealth Management.

And then they acquired Citibank's Smith Barney Wealth Management Unit.

The smartest decision, James Gorman, James Gorman's a very bright guy.

I've met him one-on-one.

There's an interesting conversation around that to be told sometime.

First as a junior analyst and then in my mid-30s, which is really interesting.

But what James Gorman did, very strategic individual, very now retired, he joined Disney's board, we won't hold that against him.

It is, we're already there.

If you think about the transformation of Morgan Stanley, what has happened to that bank since the depths of the financial crisis in 2008, how James Gorman-

Yeah

... transformed it and how Ted Pick is carrying it forward, wealth management is certainly a big piece of that bank and it's an integrated operation that works very closely with the success of its investment bank.

It is, we're already there.

If you think about the transformation of Morgan Stanley, what has happened to that bank since the depths of the financial crisis in 2008, how James Gorman-

Yeah

... transformed it and how Ted Pick is carrying it forward, wealth management is certainly a big piece of that bank, and it's an integrated operation that works very closely with the success of its investment bank.

...

I'm there the morning after, uh, we, um, close the E-Trade deal, and my j- boss at the time, a guy named James Gorman, walks in my office and says, "You know, we, we really need to spruce this thing up and look like each... uh, look like Robinhood as soon as we can." Um, and I said, "Okay, great.

Let's go." Uh, but I'm looking at, you know, four different bank platforms in the Morgan Stanley E-Trade ecosystem.

I'm looking at three or four different broker-dealer platforms.

doing training, doing all this stuff.

And the CEO of the time, his name was Jim Gorman, comes into the room of Morgan Stanley just to address us.

And one of the stories or kind of anecdotes that he tells stuck with me, continues to, and helped me build multiple businesses over the past, I don't know, 20 years.

He tells everybody, you know, take out your phones.