Morgan Stanley CEO Brokerage is stepping down

Ed Keller, the global head of Morgan Stanley, a major brokerage firm, is stepping down, according to a memo to the bank’s staff.

The move comes after the department slashed Morgan Stanley’s profits as a result of a collapse in the family office deal with Archegos Capital Management, although the bank said it was not affiliated և Keller will return after taking on a new role in health care. issue.

“We wish Edin a speedy recovery and look forward to his return to office soon,” wrote Alan Thomas, Gokul Laroyan and David Russell, co-chairs of the bank’s three shares, in a memo sent late Monday.

Penny Novik և Kim Shaw will replace Keller as global co-chairs of major brokers.

Upon Keller’s planned return from health care, he will take up a new senior consulting position at the bank, engaging with large clients, the memo said.

The main brokerage divisions of banks serve hedge funds և rich clients who offer a number of services, including: stock lending, leverage և trading,

The potential risks to the business were highlighted in March, when a number of banks, including Morgan Stanley, suffered significant losses from the Archegos blast, which led to the family fortune of former hedge fund manager Bill Hwang.

Morgan Stanley’s $ 911 million hit was smaller than some banks, which were slower to emerge from their positions. Swiss Credit Suisse lost more than $ 5 billion մլրդ Japanese lender Nomura has lost almost $ 3 billion, Goldman Sachs mostly survived unscathed.

Keller joined Morgan Stanley’s major brokerage business in 2009.

“During these 12 years, Ed has been as responsible as anyone else for the growth and expansion of our primary brokerage business and for restoring the reputation of our stock franchises,” said Thomas, Laroya and Russell.

Novik, 48, was recently the global head of clearing Morgan Stanley’s over-the-counter futures trading, and Shawn, 49, was co-chair of American Brokerage.

“Penny և Kim’s 40 years together at the company և their potential role in our global brokerage brand license will ensure that we continue to maintain our leading, world-class brokerage business,” wrote Thomas Laroya-Russell.

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