![James Gorman Just Wrapped Up a Successful Tenure at Morgan Stanley. It Almost Didn’t Turn Out That Way.](https://i0.wp.com/contentedreader.com/wp-content/uploads/2024/01/1704632997_social.jpeg?resize=768%2C432&ssl=1)
James Gorman ordered an extra dry vodka martini at a St. Petersburg, Russia, hotel bar late one night in June 2012. The Morgan Stanley chief executive officer was there to celebrate a downgrade.
The CEO of one of America’s biggest banks wouldn’t normally be toasting such a move. But Moody’s decision to lower Morgan Stanley’s credit rating by just two notches, rather than the three it was weighing, had saved the bank from a disastrous fall into junk territory.
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