A year ago Lehman Brothers held its annual financial services conference in New York a week before it collapsed. A year later and it was Barclays Capital, buyer of the banks’ US operations, which hosted the event – an event that had standing room only as attendees flocked to hear the first speech by James Gorman, Morgan Stanley’s chief executive-elect.

Gorman, along with Morgan Stanley's chief financial officer Colm Kelleher, were introduced by Roger Freeman, a former banking analyst at Lehman who moved over to Barclays Capital.