(Reuters) -Below are some quotes from banking observers and CEOs about Morgan Stanley's naming of insider Ted Pick on Wednesday as its chief executive officer effective Jan. 1, replacing long-time leader James Gorman.
BRIAN MULBERRY, CLIENT PORTFOLIO MANAGER, ZACKS INVESTMENT MANAGEMENT
"The expectation is that the growth of mergers and acquisitions in the next couple of years will be high and that has been Pick's core competency, so we view it as a good move. He was also the likely choice adding stability and experience they have been missing as this succession discussion has been going on. This is the type of event that could see faster earning estimate revisions, and investors could move to adopt the stock."
ANA ARSOV, MANAGING DIRECTOR, MOODY'S
"James Gorman is an exceptional visionary banker, having guided a traditional, white-shoe investment bank through a transformative and successful evolution into a diversified, dynamic wealth management institution. As with all his endeavors, his succession has been well-planned, facilitating a smooth transition."
STEPHEN BIGGAR, ANALYST, ARGUS RESEARCH
"Morgan Stanley is generally in very good shape as left by Gorman. Wealth management has carried it while investment banking and M&A activity has been weak. Trading has also been strong. Large integrations like eTrade and Eaton (NYSE:ETN) Vance are behind it and created some great diversification. Going forward, there is the extended downturn in IPO activity to contend with, (having the right size workforce) and also greater regulation on the horizon that will likely mean higher capital requirements."
DAVID SOLOMON, CEO, GOLDMAN SACHS
"First, I want to congratulate James Gorman for his very successful run as CEO at Morgan Stanley. James has been a remarkable CEO, a builder, a competitor, but also a great friend. I also congratulate Ted Pick on his appointment as the incoming CEO. We're thrilled for him and wish him well as he takes the helm of a great company."
BRIAN MOYNIHAN, CEO, BANK OF AMERICA
"James was a great colleague for the last 14 years. He helped guide his company and our industry to success. We wish him luck."
KENNETH LEON, DIRECTOR EQUITY RESEARCH AT CFRA RESEARCH
"Today's announcement is more about business continuity and a deep bench for next leadership."
MARK NARRON, ANALYST, FITCH RATINGS
"From our perspective, it's important that the board made its selection in a timely manner and that there's strong strategic continuity."