The weekend is here! $4 in NYC.
Fun fact Friday: The only current member of the band $4 who doesn't have a beard has the last name "Beard."
On tap, we've got stories on $4, FTX coming $4, and $4.
But first, $4
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1. Out with the old, in with the new?
The times they are-a-(potentially) changing on Wall Street.
$4 what everyone already presumed: There are three executives in the running for his job.
Gorman did not specify which executives, but the writing is on the wall: Co-Presidents Ted Pick and Andy Saperstein and Dan Simkowitz, the head of investment management.
Gorman's comments got me thinking: Who else among the big-bank CEOs could be on their way out?
It turns out you could make the case for every top US bank making a change in leadership, either with or without the consent of their CEO.
Morgan Stanley
We'll start with Gorman since he's top of mind. At 64 years old, he's the second-oldest CEO among the big six US banks. When discussing succession plans $4, Gorman acknowledged he doesn't want this job forever. (To be fair, James, I don't think that was an option.)
"I will definitely step down. I am not going to stay in this job for life. I have no interest in that," he said.
And what better time than now to walk away? $4 is crushing it. In many ways it's the culmination of years of work by Gorman after $4.
Another feather in Gorman's cap is the success of the bank's acquisitions under his watch. The purchase of Eaton Vance and E-Trade back in 2020 are looking smarter by the day. And even the boring stuff — $4, which was renamed Shareworks by Morgan Stanley — $4
JPMorgan
Jamie Dimon is another CEO $4. There is arguably no finance executive in the world who has $4 over the years.
However, the face of Wall Street recently took a hit over the bank's acquistion of the startup Frank, $4. Dimon $4 but defended the firm's acquisition strategy, $4.
A $175 million deal gone bad is hardly a career-ender for Dimon. But it does raise questions about how long Dimon wants to remain at the helm. He's the oldest of the bank CEOs at 66 years old and $4
Bank of America
Brian Moynihan ticks several boxes that make his potential retirement a conversation worth having. He's spent more than a decade at the firm and can be credited with turning it around following the financial crisis. And at 63 years old, he's not exactly a spring chicken.
There's a case to be made for Moynihan to stay put. Unlike some of his peers, he's found success by avoiding big swings, instead pushing for "responsible growth," $4.
Goldman Sachs
We've talked at length about $4 $4 $4 recently. Solomon's biggest bet — turning Goldman into a Main Street powerhouse — has not panned out, to put it kindly. And while he's had wins, there's also been turmoil, including a decent amount of $4 Even Solomon's side hustle as a DJ, once viewed as a cool quirk of a bank exec, $4.
At first glance Solomon's job doesn't appear to be in jeopardy, but 2023 is shaping up to be a massive year for how he'll be viewed $4.
Wells Fargo
Charlie Scharf knew what he was getting into $4. Many of the problems he's grappled with $4. But that excuse only gets you so far.
Scharf's decision to shrink Wells footprint in mortgages feels like it could be a make-or-break moment. A successful pivot could be viewed as a masterstroke. But if the bank stumbles, it could be a death knell as the board gets fed up waiting for a turnaround that's long been promised but yet to be delivered.
Citigroup
As the newest CEO among the big six, this feels like the biggest stretch. Like Scharf, Jane Fraser adopted a bit of mess, $4, from her predecessor Michael Corbat when she took over in 2021.
But Fraser's tenure thus far hasn't been spotless. One of her big initiatives — $4 — $4. And, unfortunately, it wouldn't be surprising to see Wall Street attempt to force out a woman executive prematurely.
In other news:
2. It's baaaaaaaaack. FTX's new CEO hasn't given up hope on getting the bankrupt crypto exchange back up and running. $4
3. You wanna take our guns? We'll take your bonds! The office of the Texas attorney general is limiting Citi's ability to underwrite the state's municipal bonds after it ruled the bank $4
4. James Gorman <3 Elon Musk. The Morgan Stanley CEO said the billionaire is "one of the great entrepreneurs" of the last 100 years. $4
5. And Jamie Dimon still doesn't like bitcoin. Meanwhile, the JPMorgan CEO continued one of his favorite pastimes: bashing crypto. He called bitcoin "hyped-up fraud" and said it's a "waste of time." $4
6. Citi's junior bankers get a bump. The bank raised comp for associates and vice presidents despite the dealmaking drought, Bloomberg reports. $4
7. Find out how much that Gucci bag of yours is worth. A leather expert deconstructs a $1,100 Gucci Dionysus leather mini bag to find out its true value. $4
8. I'll be missing you, but I'm not missing this Sting concert. Microsoft executives enjoyed a private Sting performance at Davos the day before the tech giant announced layoffs impacting 10,000 employees. $4
9. Forget F1, Netflix is about to turn everyone into a tennis fan. An exec at the streamer details why 'Break Point' can be as transformational for tennis as 'Drive to Survive' was for F1. $4
10. Let's get zen. If you've had trouble getting into meditating, perhaps these under-the-radar methods may help. $4
Curated by Dan DeFrancesco in New York. Feedback or tips? Email ddefrancesco@insider.com, tweet $4, or $4. Edited by Jeffrey Cane (tweet @jeffrey_cane>$4) in New York and Hallam Bullock (tweet @hallam_bullock>$4) in London.