Greg Fleming, who led Morgan Stanley’s retail brokerage, is leaving the bank as Colm Kelleher was named president of the firm.
Kelleher, 58, who runs the investment banking and trading division, now also gains responsibility for the brokerage, Chief Executive Officer James Gorman told staff Wednesday in a memo, which was obtained by Bloomberg. Shelley O’Connor and Andy Saperstein were named co-heads of wealth management, according to a separate memo, [and report to Kelleher].
Gorman, 57, has cemented his hold on power after five years spent turning the firm around in the wake of the financial crisis. He intends to stay as chairman and CEO for five to seven years, said two people familiar with the matter who asked not to be identified discussing his plans.