Morgan Stanley has named Ted Pick as its next CEO, putting an end to the race to succeed James Gorman at the top of a Wall Street giant

• Morgan Stanley's hard-charging trading boss Ted Pick is set to succeed CEO James Gorman.
• Gorman announced his plans to retire in May, kicking off a race to replace him.
• The bank has promoted Pick's rivals, wealth manager Andy Saperstein and investment head Dan Simkowitz.

Five months after Morgan Stanley's James Gorman announced he was stepping down, the pick is in.

Investment bank boss Edward "Ted" Pick will take the reins as chief executive starting January 1, 2024, Morgan Stanley's board of directors announced Wednesday evening.

The announcement ends the race to succeed current CEO James Gorman.