{"id":11414,"date":"2023-05-20T12:27:43","date_gmt":"2023-05-20T16:27:43","guid":{"rendered":"https:\/\/ifintechworld.com\/investing\/as-morgan-stanley-looks-to-replace-james-gorman-where-are-the-female-bank-ceos\/"},"modified":"2023-05-20T12:27:44","modified_gmt":"2023-05-20T16:27:44","slug":"as-morgan-stanley-looks-to-replace-james-gorman-where-are-the-female-bank-ceos","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=11414","title":{"rendered":"As Morgan Stanley looks to replace James Gorman, where are the female bank CEOs?"},"content":{"rendered":"
\n

News that James Gorman is planning to step down as CEO of Morgan Stanley has focused attention on the lack of female CEOs at America\u2019s biggest banks.<\/p>\n

Speaking at Morgan Stanley\u2019s annual shareholder meeting Friday, Gorman said he plans to step down sometime in the next 12 months. Morgan Stanley\u2019s
\n MS,
\n -2.66%<\/bg-quote>
\n board, he added, \u201chas identified three very strong senior internal candidates for consideration as the next CEO.\u201d<\/p>\n

\n

Attention has been focused on the three executives that run Morgan Stanley\u2019s main business lines as potential candidates to succeed Gorman. All three are men. Edward \u201cTed\u201d Pick is head of Morgan Stanley\u2019s institutional securities group, Andy Saperstein leads Morgan Stanley Wealth Management and Dan Simkowitz is head of investment management. Pick and Saperstein are also Morgan Stanley co-presidents. Morgan Stanley has declined to comment on any potential candidates by name.<\/p>\n

Female CEOs are still very much in the minority in the C-suites of major U.S. banks. At the end of 2021, the U.S. banking industry had more female than male employees, but fewer than 5% of publicly traded banks had female CEOs, according to data from S&P Global Market Intelligence. Of the 10 banks with women at the helm, the largest is Citigroup
\n C,
\n -1.47%<\/bg-quote>,<\/span>
\n which appointed Jane Fraser CEO in March 2021. Fraser is the first woman to lead the bank.<\/p>\n

Related: <\/strong>Morgan Stanley\u2019s stock dips as CEO James Gorman announces departure within \u2018next 12 months\u2019<\/p>\n

It is a similar story on the other side of the Atlantic. In a report released in September, DBRS Morningstar said that in 2021, only five out of 43 European banks it surveyed had a female CEO. Only four of the banks had a female board chair, the report found.<\/p>\n

So what can banks do? In a report released in 2020, Deloitte said that in order to increase the diversity of their candidate pools, financial-services firms need to recruit more women to jobs in the areas CEOs have historically come from, such as business, finance and operations. \u201cThis can be part of a company\u2019s comprehensive effort to achieve greater gender diversity in leadership and throughout the organization to better reflect their workforce, customer base, and society as a whole,\u201d Deloitte said. \u201cIt will likely require some significant changes in culture, talent development, and succession planning.\u201d<\/p>\n

Prior to becoming CEO at Citigroup, Fraser was the company\u2019s president and CEO of its Global Consumer Bank division. She was also in charge of the company\u2019s efforts to navigate the COVID-19 pandemic, which she continued after becoming CEO.<\/p>\n

A diverse slate of candidates can also provide broader benefits for banks, according to Deloitte. \u201cCompanies could also reconsider what it takes to become a CEO, and how a more diverse pool of candidates \u2014 not just by gender but also background and capabilities \u2014 might benefit their competitiveness and profitability over the long term,\u201d it said in its report.<\/p>\n

Related: <\/strong>Here are the leading candidates to be Morgan Stanley\u2019s new CEO \u2014 and what comes next<\/p>\n

In its report, Deloitte also identified a \u201cmultiplier effect\u201d around the appointment of women to senior leadership roles. \u201cRecruiting more women in high profile C-suite positions traditionally leading to CEO consideration might, in and of itself, help enhance diversity down the line,\u201d it said.<\/p>\n

Morgan Stanley\u2019s stock ended Friday\u2019s session down 2.7%, compared with the S&P 500\u2019s
\n SPX,
\n -0.14%<\/bg-quote>
\n 0.1% decline.<\/p>\n

Steve Gelsi and Emily Bary contributed to this report.<\/em><\/p>\n<\/p><\/div>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

News that James Gorman is planning to step down as CEO of Morgan Stanley has focused attention on the lack of female CEOs at America\u2019s biggest banks. Speaking at Morgan Stanley\u2019s annual shareholder meeting Friday, Gorman said he plans to step down sometime in the next 12 months. Morgan Stanley\u2019s MS, -2.66% board, he added, […]<\/p>\n","protected":false},"author":1,"featured_media":11415,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[239],"tags":[83],"class_list":["post-11414","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-investing","tag-featured","post_format-post-format-video"],"yoast_head":"\nAs Morgan Stanley looks to replace James Gorman, where are the female bank CEOs? | iFintechWorld<\/title>\n<meta name=\"description\" content=\"News that James Gorman is planning to step down as CEO of Morgan Stanley has focused attention on the lack of female CEOs at America\u2019s biggest banks.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ifintechworld.com\/?p=11414\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"As Morgan Stanley looks to replace James Gorman, where are the female bank CEOs? 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