Paul J. Taubman, Morgan Stanley's co-president of
institutional securities, will retire at the end of the year, the financial services
giant tells yahoo Monday. Taubman will retire after a 30 years at Morgan Stanley. Colm
Kelleher, co-president of institutional securities with Taubman, will become
president of the division effective January 2013, the company said.
"We are intensely focused on improving returns for our
shareholders," Chairman and CEO James Gorman said in a statement. "I
am confident that under Colm's leadership, we will continue to align sales and
trading more closely with investment banking and capital markets to drive
synergies between these businesses and optimize our ability to grow our revenue
base and drive profits."
The company also appointed Mark Eichorn and Franck Petitgas
as global co-heads of investment banking. The two will report to Kelleher and
will join Morgan's operating committee. Jeff Holzschuh was named chairman of
institutional securities and will also report to Kelleher....
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