The comptroller of the currency will be replaced by his COO, Brian P. Brooks, on an acting basis; CEO James Gorman says the economy needs to be on steadier ground first.
"We've proven we can operate with no footprint," James Gorman, Morgan's CEO, said. "Can I see a future where part of every week, certainly part of every month, a lot of our employees will be at home? Absolutely."
The Wall Street giant will inherit some $56 billion of low-cost deposits that will allow it to offer more traditional banking products to its wealth management clients.
The investment bank has asked Rob Rooney, an executive who wore multiple hats at the company, to focus full time on the data-oriented strategy he has devised for its wealth management, capital markets and other functions.
The Japanese cryptocurrency exchange Coincheck says roughly $400 million of the digital currency NEM was stolen. If banks and others are to invest in the digital-asset industry, it will have to do better.
