Not only is Morgan Stanley’s new boss known to be potty-mouthed, he also has been branded a “party animal” by insiders at the bank, a well-placed source told On The Money.
Ted Pick, a 54-year-old financier who was named chief executive of the Wall Street giant on Thursday, is the “exact opposite” of outgoing CEO James Gorman, according to the insider.
While 65-year-old Gorman is an Australian-born banker known for his reserve and sophistication, New York-born Pick has already made headlines for his proclivity for profanity.
Pick is also a “risk fiend,” in the opinion of one fellow banker, who notes that Pick rose through the ranks with his bold bets on markets — and despite blowing off plenty of steam after hours, according to sources.
One insider pointed in particular to a “legendary” town hall meeting in 2016 in which Pick spoke to employees in the sales and trading division — the group that Pick ran at the time.
After showing up to the meeting 15 minutes late, Pick acknowledged he’d had a late night out and admitted that he was “a drinker,” a source who was in attendance told On The Money.
Stay On the Money
Essential weekly read to fuel business lunches.
Pick added that while it had been a rough night, the situation “could be worse” and began calling out other senior bankers at the town hall who’d been out with him the night before, the source added.
Pick’s “10-minute rant” ended up getting heavily edited by Morgan Stanley before it was uploaded to the bank’s intranet for all employees to view, according to the source.
The incident is emblematic of Pick’s uproarious reputation at the firm — and why “the foot soldiers love him,” according to one Morgan Stanley employee.
Meanwhile, Pick’s notoriously foul mouth led former CEO John Mack to prank Pick — once by having the bank’s compliance department email him saying his chats had been flagged for excessive expletive use, the Wall Street Journal reported.
Indeed, for some employees, Pick’s appointment to the top job came as a slight surprise.
Maybe, some reasoned, Morgan Stanley was seeking to reduce the jolt by apparently leaking out word of the decision last week.
“They telegraphed it way better than the Fed does a rate hike,” another source added.
A spokesperson for Morgan Stanley declined to comment.