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Wall Street Promotion Logjam Endures With Fleming Latest to Exit

  • U.S. bank managers worry about rising higher as CEOs stay put
  • `Stability is great, but the younger generation is blocked'
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Gorman Said to Say He'll Stay Five to Seven Years

Morgan Stanley is demonstrating how rising to the top of a big U.S. bank is getting even harder, as chief executive officers stay on after guiding their firms through the aftermath of the financial crisis.

Greg Fleming, one of Morgan Stanley’s most senior leaders, announced Wednesday he’s stepping down. That came after CEO James Gorman indicated he plans to stay on at least five more years and installed an older deputy in the firm’s No. 2 position, according to people with knowledge of the matter.