Morgan Stanley’s New CEO Called A ‘Party Animal’ With a Loyal Army

While Ted Pick, Morgan Stanley's incoming CEO, has long been known for his notoriously foul mouth, he's also seen a "party animal" around the investment bank, according to the New York Post.

Insiders at the firm told the Post that Pick — the head of the bank's institutional securities group who built a trading behemoth — is a "risk fiend" and the "exact opposite" of outgoing boss James Gorman. Whereas Gorman is known for being reserved and methodical, his 54-year-old successor is well-known for his foul mouth.

The Post pointed to a "legendary" town hall meeting in 2016 where Pick spoke to employees of the sales and trading division at Morgan Stanley, which he led at the time. Pick reportedly was 15 minutes tardy to the meeting, acknowledged he'd been out late and admitted that he was "a drinker," a person who attended the meeting told the Post.

The incoming CEO reportedly also named other senior bankers at the meeting who had been out with him the night before, the Post reported.

The incident is said to be among the reasons that Pick — who colleagues have described as a Morgan Stanley devotee — has an incredibly loyal following at the firm. One insider at the bank told The Wall Street Journal that Pick "bleeds blue," referring to the company's blue logo.

“Ted Pick has a loyal army,” a former Morgan Stanley asset management executive who now works at a rival investment bank told The Messenger. “People there would run through a wall for him.”

Morgan Stanley on Wednesday announced that Pick would take the reins as CEO on Jan. 1, while Gorman will become the executive chairman as part of the transition before he retires next year. The decision was unanimous, according to lead board director Tom Glocer.

"Ted is a strategic leader with a strong track record of building and growing our client franchise, developing and retaining talent, allocating capital with sound risk management, and carrying forward our culture and values," Glocer said in a statement.