Huge Shake Up at Morgan Stanley: Fleming Gets Top Wealth Management Spot

Morgan Stanley
Gregory Bull
Morgan Stanley

Greg Fleming has been tapped to run Morgan Stanley's wealth management business.

Susan Craig at the New York Times gets credit for breaking the story.

"James Gorman, the firm’s chief executive officer, announced the move on Wednesday. Mr. Gorman and Mr. Fleming are old friends; the two worked together as executives at Merrill Lynch, now owned by Bank of America," Craig writes.

The move sets up Fleming to face off once more against Bob McCann, his old rival at Merrill Lynch who now runs the wealth management business at UBS. The two were bitter rivals as the firm fell apart.

This is about to get very interesting.

Click through here to read Gorman's memo on Fleming's new role.

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