Massive restructuring at US investment bank Morgan Stanley

Ted Big, who currently manages the division that provides commercial banking services to corporate clients, and Andy Chopperstein, head of the wealth management business, were named co-chairs and featured by handing over additional tasks.

Mr. Big, 52, will now be in charge of the company’s international operations and co-leader of strategy. The 54-year-old Mr. Suberstein is responsible for all wealth management services, including the E * TRADE brokerage platform, and assumes marketing responsibility for the company.

Mr. Don Simkovitz, 56, is currently the head of the investment management division for pension funds or sovereign wealth funds. He is also the co-leader of the strategy with Big.

Next generation leaders

Current CFO Jonathan Bruce, 52, is the COO. He will be replaced by 41-year-old Sharon Isaiah, who is currently in charge of investor relations. All of these changes will take effect June 1.

“The leadership appointments announced today reflect the next generation of Morgan Stanley executives.”, Mr. Gorman highlights one or more positive aspects of the work of each appointee in a press release. “I look forward to working with each of these leaders and the rest of the Executive Committee and Executive Committee in the years to come.”, He added.

The 62-year-old Mr. Gorman told the board of directors he should be in office for at least three years, a source close to management told AFP. The restructuring of the head of the investment bank comes after another round of changes to the title of JPMorgan Chase, led by Jamie Timon since 2006.

65-year-old Mr. Timon has appointed two women, Jennifer Beepsack and Marianne Lake, as the head of the retail bank.