James P. Gorman reelected as a Class A Director to New York Fed Board of Directors
NEW YORK, NY (November 27, 2018) — The Federal Reserve Bank of New York announced that James P. Gorman, chairman and chief executive officer of Morgan Stanley, has been reelected a Class A director representing Group 1 which consists of banks with capital and surplus of more than $2 billion. Mr. Gorman will serve a three-year term ending December 31, 2021.
Mr. Gorman became chief executive officer of Morgan Stanley in 2010 and chairman in 2012. Previously, he was co-president of the firm which he joined in 2006.
Before joining Morgan Stanley, Mr. Gorman held a succession of executive positions at Merrill Lynch. Prior to this he was a senior partner of McKinsey & Co. and began his career as an attorney in Melbourne, Australia.
Mr. Gorman serves as a director on the Council on Foreign Relations, co-chair of the Board of Overseers of the Columbia Business School, and is a member of the Monetary Policy Authority of Singapore International Advisory Panel. He is also a member of the Business Council, the Business Roundtable and the Board of the Institute of International Finance. He previously served as president of the Federal Advisory Council to the U.S. Federal Reserve Board, co-chairman of the Partnership for New York City, chairman of the board of the Securities Industry and Financial Markets Association, and co-chairman of the Business Committee of the Metropolitan Museum of Art.
Mr. Gorman holds a bachelor’s degree and law degree from the University of Melbourne, and an MBA from Columbia University.
About Reserve Banks' Boards of Directors
The Federal Reserve Act of 1913 requires each of the Reserve Banks to operate under the supervision of a board of directors. Each Reserve Bank has nine directors who represent the interests of their Reserve District and whose experience provides the Reserve Banks with a wider range of expertise that helps them fulfill their policy and operational responsibilities. The nine directors of each Reserve Bank are divided evenly by classification: Class A directors represent the member banks in the District; Class B directors and Class C directors represent the interests of the public. The directors of the Reserve Banks act as an important link between the Federal Reserve and the private sector, ensuring that the Fed’s decisions on monetary policy are informed by actual economic conditions.