Morgan Stanley CEO recovers from coronavirus
Morgan Stanley’s James Gorman has recovered from an apparently mild case of the coronavirus that the firm hadn’t previously disclosed.
The chief executive is the highest ranking known wealth management leader to contract the virus, though not the only Wall Street executive. Jefferies Financial CFO Peg Broadbent, 56, died from complications tied to coronavirus last month.
Gorman, 61, disclosed that he had had the virus to employees in a company video, according to CNBC. Gorman had flu-like symptoms. A spokeswoman confirmed that Gorman has since recovered.
In a statement sent to CNBC, a company spokesman described Gorman’s symptoms as “not severe.”
There are roughly 450,000 confirmed coronavirus cases in the U.S., according to a New York Times database. The number has soared in recent weeks, prompting state and city governments to shut non-essential businesses and order residents to stay home.
Morgan Stanley’s branches remain open, albeit with limited staff. The firm’s roughly 15,000 financial advisors are largely working remotely.
Last month, Gorman assured Morgan Stanley employees that there would be no reduction in headcount in 2020. The firm employs about 60,000 people, according to the company’s fourth quarter earnings report. Bloomberg Law first reported that Gorman had disclosed that he had coronavirus.