James Gorman will become the top dog at Morgan Stanley on Jan 1. We've noted that he'll be taking over a bank in transition; the business model is hardly set in stone. A Barclays Capital analyst tells the AP that the firm is still in "soul-searching mode" as it looks to emerge a post-credit crunch winner.

But you have to wonder exactly how Gorman will fare. He'll have outgoing CEO John Mack looking over his shoulder as chairman of the board for two years. That could stretch out even longer. So it's a tough spot for a new CEO to be in. He's in charge, but he's got his predecessor constantly looming over him. The board must have considered this as it okayed the arrangement. The real James Gorman era may have to wait a few years. 

For more:
- here's the AP article

Related Articles:
Mack to step down at Morgan Stanley, Gorman to rise
Morgan Stanley boosts salaries, sign of the times?
Who will run Morgan Stanley?