The wealth management unit that Mr. Fleming built up at Morgan Stanley was a prized business because it brought in a reliable stream of fees and did not come with the high regulatory costs of the trading businesses that had been big money makers before the financial crisis. 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. 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.