James Gorman, head of Merrill Lynch's brokerage business, speaks to reporters during the second annual Reuters Finance Summit in New York in this November 13, 2003 file photo. Morgan Stanley announced September 10, 2009 that Gorman, now one of the investment bank's co-presidents, will replace Morgan Stanley Chief Executive John Mack, who is stepping down. Reuters Pictures 2 months ago

James Gorman, head of Merrill Lynch's brokerage business, speaks to reporters during the second annual Reuters Finance Summit in New York in this November 13, 2003 file photo. Morgan Stanley announced September 10, 2009 that Gorman, now one of the investment bank's co-presidents, will replace Morgan Stanley Chief Executive John Mack, who is stepping down.

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  1. James Gorman, head of Merrill Lynch's brokerage business, speaks to reporters during the second annual Reuters Finance Summit in New York in this November 13, 2003 file photo. Morgan Stanley announced September 10, 2009 that Gorman, now one of the investment bank's co-presidents, will replace Morgan Stanley Chief Executive John Mack, who is stepping down.
  2. James Gorman, head of Merrill Lynch's brokerage business, speaks to reporters during the second annual Reuters Finance Summit in New York in this November 13, 2003 file photo. Morgan Stanley announced September 10, 2009 that Gorman, now one of the investment bank's co-presidents, will replace Morgan Stanley Chief Executive John Mack, who is stepping down.
  3. James Gorman, head of Merrill Lynch's brokerage business, speaks to reporters during the second annual Reuters Finance Summit in New York in this November 13, 2003 file photo. Morgan Stanley announced September 10, 2009 that Gorman, now one of the investment bank's co-presidents, will replace Morgan Stanley Chief Executive John Mack, who is stepping down.
  4. Former chief executive of Merrill Lynch, John Thain, speaks at the Reuters Global Finance Summit in New York November 17, 2009.
  5. Former chief executive of Merrill Lynch, John Thain speaks at the Reuters Global Finance Summit in New York November 17, 2009.
  6. Former chief executive of Merrill Lynch, John Thain, speaks at the Reuters Global Finance Summit in New York November17, 2009.
  7. James Gorman, head of Merrill Lynch's brokerage business, speaks to reporters during the second annual Reuters Finance Summit in New York in this November 13, 2003 file photo. Morgan Stanley announced September 10, 2009 that Gorman, now one of the investment bank's co-presidents, will replace Morgan Stanley Chief Executive John Mack, who is stepping down.
  8. Morgan Stanley's James Gorman poses in this undated handout. Morgan Stanley Chief Executive John Mack is stepping down and will be replaced by Gorman, one of the investment bank's co-presidents, the bank said in a statement September 10, 2009.
  9. James Gorman, head of Merrill Lynch's brokerage business, speaks to reporters during the second annual Reuters Finance Summit in New York in this November 13, 2003 file photo. Morgan Stanley announced September 10, 2009 that Gorman, now one of the investment bank's co-presidents, will replace Morgan Stanley Chief Executive John Mack, who is stepping down.
  10. James Gorman, head of Merrill Lynch's brokerage business, speaks to reporters during the second annual Reuters Finance Summit in New York in this November 13, 2003 file photo. Morgan Stanley announced September 10, 2009 that Gorman, now one of the investment bank's co-presidents, will replace Morgan Stanley Chief Executive John Mack, who is stepping down.
  11. Morgan Stanley's John Mack joins other TARP recipient financial institution leaders as they testify before House Financial Services Committee on Capitol Hill in Washington, in this February 11, 2009 file photo. Morgan Stanley Chief Executive Mack is stepping down following a string of losses and will be replaced by co-President James Gorman in a sign of the firm's growing emphasis on its retail brokerage, the bank said September 10, 2009.
  12. Russian Prime Minister Vladimir Putin, right, and Morgan Stanley's CEO John Mack, left, meet during an international investment forum in the Black Sea resort of Sochi, which is hosting the 2014 Winter Olympics, Russia, Friday, Sept. 18, 2009.
  13. Morgan Stanley's John Mack joins other TARP recipient financial institution leaders as they testify before House Financial Services Committee on Capitol Hill in Washington, in this February 11, 2009 file photo. Morgan Stanley Chief Executive Mack is stepping down following a string of losses and will be replaced by co-President James Gorman in a sign of the firm's growing emphasis on its retail brokerage, the bank said September 10, 2009.
  14. Los Angeles Police Deputy Chief Charlie Beck, far left, is sworn as Chief of Police by Los Angeles Mayor Antonio Villaraigosa, far right, after the Los Angeles City Council voted unanimously to confirm Beck as the new Los Angeles Police Department Chief of Police Tuesday Nov. 17, 2009 in Los Angeles. From left, Charlie Beck, Police Commission president John Mack, Los Angeles City Council President Eric Garcetti, Council member Jan Perry, Mayor Antonio Villaraigosa.
  15. James Gorman, head of Merrill Lynch's brokerage business, speaks to reporters during the second annual Reuters Finance Summit in New York in this November 13, 2003 file photo. Morgan Stanley announced September 10, 2009 that Gorman, now one of the investment bank's co-presidents, will replace Morgan Stanley Chief Executive John Mack, who is stepping down.
  16. Morgan Stanley's James Gorman poses in this undated handout. Morgan Stanley Chief Executive John Mack is stepping down and will be replaced by Gorman, one of the investment bank's co-presidents, the bank said in a statement September 10, 2009.

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