Morgan Stanley is shaking up its struggling fixed-income division, replacing the two co-heads of the division with the head of its stock-trading desk, according to memos sent to employees and reviewed by The Wall Street Journal. The Wall Street firm named Sam Kellie-Smith, head of equity trading, as head of Fixed Income and Commodities. Robert...
As part of Morgan Stanley's ongoing shake-up of its management, it has hired a new head for its fixed income trading unit, Sam Kellie-Smith, as it seeks to turn around the struggling business. The move comes as Morgan Stanley reshapes its bond trading unit; last year it said it was cutting 25% of its fixed income jobs as increased regulation has made trading bonds less profitable.