James Gorman, chief executive officer of Morgan Stanley
Qilai Shen | Bloomberg | Getty Images
The executive remained in charge of Morgan Stanley the entire time he was ill and has been working from home, according to spokesman Wesley McDade.
Gorman, 61, is the first Wall Street CEO to disclose that he has tested positive for the coronavirus. Since the crisis deepened last month, banks have sent employees home and boosted pay for workers who staff branches and call centers. Gorman has run Morgan Stanley, a leader in wealth management and equities trading, since 2010.
The bank’s 60,000 employees learned about Gorman’s illness Thursday in a company video, according to a person with knowledge of the situation. The CEO’s condition was reported first by Bloomberg.
“Given the fact that Mr. Gorman’s symptoms were not severe and that he continued to function as Chairman and CEO while working from home throughout the illness (as are more than 90% of our employees), it was determined that his illness was not material” enough to disclose to shareholders in a filing, McDade said in an email.