NEW YORK (Reuters) – Morgan Stanley (MS.N) has promoted Ted Pick to head of its buying and selling and funding banking companies, the newest elevation for an government who has overseen a number of key initiatives on the Wall Street financial institution.
The transfer, half of a broader government shuffle that additionally moved Franck Petitgas from co-head of funding banking to head of Morgan Stanley’s worldwide enterprise, was disclosed in an inner memo seen by Reuters on Tuesday.
Pick, 49, began his profession at Morgan Stanley in funding banking and later moved to buying and selling. He ran the financial institution’s equities buying and selling enterprise, which turned a key money-maker because it struggled in different companies, after which helped orchestrate a troublesome overhaul of its fastened revenue operation, which had weighed on outcomes for years. (reut.rs/2oKRVTo)
Chief Executive Officer James Gorman and President Colm Kelleher, 61, who beforehand led the institutional securities enterprise, referred to as the promotion “a natural next step” for Pick within the memo. Pick’s shift to a task that Kelleher has lengthy overseen is essential as a result of it hints at succession planning at Morgan Stanley.
While there isn’t any indication Gorman has plans to retire quickly, and although Kelleher is his deputy, the method to discover a subsequent long-term CEO can take years to cement. Petitgas has additionally been talked about as a possible successor amongst analysts, former executives and others who intently comply with Morgan Stanley.
In addition to Pick’s elevation, Susie Huang will turn out to be co-head of funding banking alongside Mark Eichorn, in accordance to the memo. Petitgas beforehand had that position.
Pick and Petitgas will report to Kelleher, whereas Huang and Eichorn will report to Pick.
In a separate memo, Pick appointed Gokul Laroia, David Russell and Alan Thomas as international co-heads of Institutional Equities.
Reporting by Lauren Tara LaCapra; Editing by Jeffrey Benkoe, Marguerita Choy and Frances Kerry