Morgan Stanley CEO Gorman to step down in the next year

Speaking at the bank's annual meeting, James Gorman - who took up the role in 2010 - said: "The specific timing of the CEO transition has not been determined, but it is the board’s and my expectation that it will occur at some point in the next 12 months.

"That is the current expectation in the absence of a major change in the external environment."

He told shareholders at the AGM that the bank has identified three strong candidates to succeed him. Once a successor has been appointed, Gorman will take on the role of executive chairman "for a period of time" to help with the leadership transition.

"An issue of paramount importance to shareholders, employees and clients is, of course, Succession - and no, I'm not just talking about the TV series," Gorman said.

"And I definitely have no plans to go out like Logan Roy," he said, referring to the lead character in the television show.