Morgan Stanley has named its investment banking chief Colm Kelleher as new president, replacing Greg Fleming who will step down from the firm to pursue other opportunities.
Additionally, Kelleher will also assume Fleming’s responsibilities of managing wealth management.
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Kelleher has served as CFO of Morgan Stanley and helped shrink the bank’s balance sheet from $1 trillion in 2007 to $659bn in 2008. He was also named as sole head of sales and trading at the bank in 2012.
Kelleher will now split his time between London and New York.
James Gorman, who has announced these changes in a memo, intends to stay as chairman and CEO for five to seven more years.
Fleming, who joined Morgan Stanley in 2009, helped Morgan Stanley to grow its wealth management arm and generated nearly half of the firm’s revenue as it shifted away from trading to more stable earnings.
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By GlobalDataAdditionally, Morgan Stanley has appointed Shelley O’Connor and Andy Saperstein as co-heads of the wealth business, replacing Fleming. O’Connor and Saperstein will report to Kelleher.
