NEW CHAIRMAN FOR MORGAN STANLEY

MORGAN Stanley’s chief executive James Gorman (pictured) will take over as chairman from John Mack at the end of the year. Mack’s aggressive cost-cutting tactics earned him the nickname “Mack The Knife”. Gorman, 52, will stay as chief executive as agreed two years ago when Mack became chairman. The change comes as the bank pares back its trading activities to focus on more stable wealth management income.