24EN Editor's Note：Morgan Stanley's John Mack plans to step down as chief executive of the firm in January, marking the end of a tumultuous period in which the storied investment bank suffered both record losses and profits.
摩根士丹利(Morgan Stanley)的麦晋桁(John Mack)计划明年1月辞去首席执行长一职，标志着一段动荡时期的结束，在这段时间里，这家赫赫有名的投行遭遇了史无前例的损失，也创造了空前的利润。
Mr. Mack, 64 years old, plans to stay at the firm as chairman. James Gorman, the firm's co-president, is expected to take over as CEO, while the firm's other co-president Walid Chammah will become chairman of Morgan Stanley International.
现年64岁的麦晋桁打算继续保留董事长一职。联席总裁高曼(James Gorman)预计将接任首席执行长，另一位联席总裁查曼(Walid Chammah)将担任Morgan Stanley International董事长。
The move marks a significant shift for Morgan Stanley, which has scaled back from risky businesses such as proprietary trading but which has also found that making profits after the financial crisis has been difficult. Mr. Mack ramped up risk after returning to the firm in 2005 and 2006, but was unable to pull it back in time in 2007 and 2008 as the New York bank sustained significant losses.
In Mr. Mack's tenure, which started in mid 2005, Morgan Stanley stock has fallen about 34%, while that of rival Goldman Sachs Group has risen 70%.
麦晋桁从2005年中开始任职，在他任内，摩根士丹利股价下跌34%左右，而竞争对手高盛集团(Goldman Sachs Group)则上涨了70%。
Mr. Gorman's move to the corner office is a big statement for Morgan Stanley, a firm that has historically collected much of its revenues from investment banking and trading. Mr. Gorman came to Morgan Stanley in 2005 to boost its retail brokerage operation. The unit was seen as something of a backwater in the company created by Morgan's merger with Dean Witter Discover & Co. Its underperformance even prompted some to suggest Morgan should sell it.
高曼执掌大权是摩根士丹利的一种鲜明表态。摩根士丹利一向是从投资银行和交易业务中获得大部分收入。高曼2005年加入摩根士丹利，加强其零售经纪业务。这个部门是在摩根合并Dean Witter Discover & Co.后设立的，被认为是停滞不前。其业绩不佳甚至促使一些人提出，摩根应当将其出售。
But Mr. Gorman turned it around, and last year amid the crisis, Mr. Mack decided to double down on the brokerage business by purchasing a controlling stake in Citigroup Inc.'s Smith Barney unit.
但高曼扭转了局面，去年金融危机中，麦晋桁决定扩大经纪业务，收购了花旗集团(Citigroup Inc.)旗下美邦(Smith Barney)零售经纪业务部门的控股股权。
Mr. Mack, a onetime bond salesman known for his charismatic and fiery speeches, has been credited with keeping the firm alive during its difficult days in 2008, but has been criticized for pushing Morgan Stanley into borrowing more and pursuing a riskier business model along with many of its banking peers during the bull market.
Morgan Stanley stock plummeted last September and October, and the firm required billions in emergency investments from the U.S. government and Japanese bank Mitsubishi UFJ Financial Group in order to survive. Mr. Mack negotiated the Mitsubishi UFJ deal, convincing the Japanese bank to move ahead with the partnership even as Morgan's future looked shaky. Since then, Morgan's stock has rebounded sharply, to $28.64 Thursday from a low of $6.71 during the depths of the crisis.
摩根士丹利的股价在去年9、10月间大幅下跌，为了生存，公司向美国政府和日本三菱UFJ金融集团(Mitsubishi UFJ Financial Group)申请了数十亿美元的紧急投资。麦晋桁磋商了与三菱UFJ的交易，在摩根士丹利未来依然风雨飘摇之际说服这家日本银行结成了合作关系。从那以后，摩根士丹利的股价强劲反弹，周四收于28.64美元，大大高于危机最为严重时的6.71美元。
Mr. Mack took no bonus in the previous two years, helping keep Morgan Stanley out of the spotlight that many banks were been drawn into when they paid rich pay packages to traders, bankers and some executives. Mr. Mack plans to stay on as chairman for up to two years, a person familiar with the matter said.
The appoinment of Mr. Gorman follows an 18 month succession search by the Morgan board of directors in which search firm Spencer Stuart provided a list of outside candidates for the job, but the board never proceeded far down that path, a person familiar with the search said. Walid Chammah, the co-president who is becoming chairman of Morgan's international business, told the board he wanted to remain in London and therefore wasn't a serious contender for the job, this person said.
That made Mr. Gorman the odds-on favorite, a standing that was enhanced by his closing the Smith Barney joint venture sooner than planned. Colm Kelleher, the firm's chief financial officer, and investment-banking chief Paul Taubman were also considered, but Mr. Gorman was viewed as having more experience running large business units. Before working as an executive overseeing Merrill Lynch & Co's brokerage force, Mr. Gorman had been a director at consulting firm McKinsey & Co.
这大大增加了高曼获胜的希望，这种可能性因为他比计划提前完成美邦合资公司的建立而变得更大了。公司首席财务长克莱赫(Colm Kelleher)和投资银行主管陶博曼(Paul Taubman)也在考虑之列，但高曼被认为管理大型企业部门的经验更加丰富。在担任美林公司(Merrill Lynch & Co)经纪业务的负责人之前，高曼曾担任咨询公司麦肯锡(McKinsey & Co.)的主管。
The management transition, one of the more orderly on Wall Street in recent years, will keep Mr. Mack at the firm. A relentless networker who likes to visit clients on vacation, he also is credited with stabilizing morale at the firm after Mr. Purcell's departure in 2005. The firm still lost lots of talent however over the years, and Mr. Mack recently looked to the outside to name a new bond trading chief instead of promoting from within.