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Morgan Stanley chief's exit mirrors MUFG leadership succession

New hands to manage alliance that James Gorman calls 'partnership for decades'

MUFG holds a roughly 22% stake in Morgan Stanley (Source photos by Tokuyuki Matsubuchi, Yo Inoue)

NEW YORK -- Outgoing Morgan Stanley CEO James Gorman presided over a deepening of the Wall Street bank's ties with Japan's Mitsubishi UFJ Financial Group for more than a decade, and his departure will mark a generational shift in leadership that has already begun on the MUFG side.

Gorman, chief executive since 2010, told shareholders last Friday that he expected to step down in the next 12 months.

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