Shakeup at Morgan Stanley as Veteran Taubman Retires
Paul J. Taubman, Morgan Stanley's co-president of institutional securities, will retire at the end of the year, the financial services giant announced Monday.
Taubman will retire after a 30 years at Morgan Stanley .
Colm Kelleher, co-president of institutional securities with Taubman, will become president of the division effective January 2013, the company said.
"We are intensely focused on improving returns for our shareholders," Chairman and CEO James Gorman said in a statement. "I am confident that under Colm's leadership, we will continue to align sales and trading more closely with investment banking and capital markets to drive synergies between these businesses and optimize our ability to grow our revenue base and drive profits."
The company also appointed Mark Eichorn and Franck Petitgas as global co-heads of investment banking. The two will report to Kelleher and will join Morgan's operating committee. Jeff Holzschuh was named chairman of institutional securities and will also report to Kelleher.
Eichorn and Holzschuh will join Morgan Stanley's management committee.