Morgan Stanley has promoted Ted Pick to run the bank’s institutional securities business as part of a management shake-up.
Mr Pick, formerly head of sales and trading, will add responsibility for investment banking in his new role. The 49-year-old, who is seen as a potential future chief executive alongside other possible internal contenders, will take charge of a division that employs about 9,000 people, spanning capital markets and research.
The position he is filling has essentially been vacant since the elevation of Colm Kelleher to president at the start of 2016.
Among the other changes announced in an internal memo on Tuesday, Franck Petitgas becomes head of international and Susie Huang becomes co-head of investment banking, alongside Mark Eichorn.