The Chief Executive of Morgan Stanley, Mack, will be resigning and James Gorman will be taking his place soon. Mack will still stay with Morgan Stanley as the chairman.

The bank took a lot of chances under Mack by betting more money than they actually had. This helped them a lot previously and also saved them from collapsing in 2008. However, in the second quarter, the bank reported a loss of $1.26 billion while other banks reported better results.

Gorman, who is thirteen years younger than Mack, looks over Morgan Stanley’s retail brokerage business.

“All these large financial institutions are going to replace their head honchos with someone with a background in a business with a more consistent, predictable revenue stream — commercial banking, retail brokerage, or asset management,” said Bill Fitzpatrick.

Gorman will be taking his new position on January 1, 2010.

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