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Morgan Stanley chairman James Gorman to step down

STORY: A changing of the guard at a top U.S. bank....

Morgan Stanley's executive chairman James Gorman - who in his nearly two-decade run at the bank transformed it into a wealth management powerhouse - announced he will step down at year's end.

Gorman, who's 65, had served as the bank's CEO for 14 years before taking the chairman role in January.

Speaking at Morgan Stanley's shareholder meeting on Thursday, Gorman cited the "successful transition" of his successor Ted Pick into the CEO role earlier this year.

In laying out his succession plans, Gorman also achieved a rare feat - convincing two executives passed over for the chief executive role, Andy Saperstein and Dan Simkowitz, to stay with the bank.

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The announcement of Gorman's departure comes just days after JPMorgan CEO Jamie Dimon told investors his bank's succession plans were underway.

Dimon, who's 68, has helmed JPMorgan for more than 18 years, outlasting many other industry chiefs.

Both Gorman and Dimon piloted their institutions through the 2008 financial crisis that saw rivals go bankrupt, or be swallowed by other banks.

In prior years, Dimon answered questions about his succession plans by saying he would stay five more years.

But on Monday, Dimon said JPMorgan was moving people around in preparation for his departure, adding (quote), "The timetable is not five years anymore."