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Why James Gorman has a better record than Lloyd Blankfein

Looking at share price and strategic decisions, Morgan Stanley's chief executive seems to have outperformed his opposite number at Goldman Sachs

James Gorman, chairman and chief executive officer of Morgan Stanley
James Gorman, chairman and chief executive officer of Morgan Stanley Photo: Getty Images

Has Lloyd Blankfein been one of the great Wall Street leaders of recent times? That is certainly the impression given by much of the coverage of his imminent retirement as chief executive of Goldman Sachs.

Blankfein has rightly been praised for steering Goldman safely through the financial crisis. He played a key role in reducing its exposure to mortgage securities at the end of the boom, saving it billions when boom turned to bust.

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