CorporateMorgan Stanley mulls mgmt reshuffle
Financial services company Morgan Stanley plans high-level management changes, which includes finance chief Colm Kelleher and veteran banker Paul Taubman taking charge of the company"s institutional securities unit, says a media report.
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Attributing to person familiar with the situation, the report by the "Wall Street Journal" said that Morgan Stanley is set to announce management changes that are expected to include putting Kelleher and Taubman in charge of the institutional securities unit.
The report noted that shuffle has been planned in recent weeks by James Gorman, who would take over as Morgan Stanley"s chief executive officer on January 1.
The changes, likely to be announced as soon as Tuesday, show that Gorman, now co-president of Morgan Stanley, would be making his own team of people at New York company, it added.
The company"s institutional securities unit, which includes sales, trading and investment banking is a profit engine of the financial-services firm. In the third quarter, the unit generated about $5 billion of the company"s total net revenue of $8.7 billion.
New York-based company"s Chief Executive Officer John Mack, who reportedly announced his resignation in September, would remain chairman of the company.