The head of Morgan Stanley’s business administration has stepped down
Morgan Stanley’s chief business officer, Ed Keller, has resigned, the bank said at a press conference.
This comes after the unit raised $ 911m in profits from Morgan Stanley as a result of a sale by the family office that collapsed at Archegos Capital Management, although the bank said it was not connected and Keller returned to a new position after a medical. story.
“We wish Ed a speedy recovery and look forward to his return to office soon,” three bank leaders, Alan Thomas, Gokul Laroia and David Russell, wrote in a statement on Monday.
Penny Novick and Kim Shaw have taken on a role from Keller as the world’s top business heads.
With Keller’s return to health, he has taken new advice from the bank and senior clients, according to the report.
Major banking companies that sell to financial institutions take cash and wealthy clients who offer a variety of services including Rent shares, acquire power and sell.
The potential risks in this business were highlighted in March when several banks, including Morgan Stanley, lost much of their value as a result of the Archegos explosion, which oversees the family assets of former hedge fund administrator Bill Hwang.
Morgan Stanley hit $ 911m it was small compared to other banks that move slowly in their positions. Switzerland Suisse has lost more than $ 5bn and Japanese lender Nomura lost about $ 3bn. Goldman Sachs escaped unharmed.
Keller joined Morgan Stanley’s first business in 2009.
“For the past twelve years Ed has been working as a person in the growth of our big business and in addition to the return on our investment,” said Thomas, Laroia and Russell.
Novick, 48, was Morgan Stanley’s future global leader and marketer and Shaw, 49, was America’s most co-operative leader.
“Penny and Kim’s 40 years plus the hard work and dedication they have been doing in their entire global debt service will ensure that we continue to run our business forward,” Thomas, Laroia and Russell wrote.