There has been a management reshuffle at Morgan Stanley, with co-President Gregory Fleming stepping down yesterday following another deputy's promotion ended his bid to become Chief Executive. The move comes as the bank is under pressure from regulators and shareholders over its handling of an investigation into alleged manipulation in the London interbank offered rate, or Libor. These moves end speculation over how Gorman would manage his senior team over the next few years and shifts focus to a new crop of executives who will be in a position to be the company's next leader.
There has been a management reshuffle at Morgan Stanley, with co-President Gregory Fleming stepping down yesterday following another deputy's promotion ended his bid to become Chief Executive. Morgan Stanley's CEO James Gorman named Colm Kelleher as the company's sole President, as well as reiterating his intention of remaining in his role of CEO for at least five more years. These moves end speculation over how Gorman would manage his senior team over the next few years and shifts focus to a new crop of executives who will be in a position to be the company's next leader.