Wall Street diversity problem in spotlight

Cultural problem: Gorman testifies before the US House Financial Services Committee on Capitol Hill in Washington. The veteran banker says he will retire in the next 12 months, training the spotlight on diversity on Wall Street. — AP

NEW YORK: The absence of women from the slate of potential Morgan Stanley chief executive officer (CEO) successors underscores the importance of cultivating and keeping diverse talent, corporate governance experts say.

Morgan Stanley co-presidents Ted Pick and Andy Saperstein, and head of investment management Dan Simkowitz, are the front-runners to succeed James Gorman, who said he plans to step down as chief executive within a year.