Morgan Stanley is revamping its institutional securities business, announcing Monday that Paul Taubman will retire as co-head of the trading and banking unit while co-head Colm Kelleher will remain as president.
The change comes as Morgan Stanley is reducing its historic reliance on trading in the wake of new rules and regulations and betting more strongly on selling securities advice and products to wealthy individuals and families.
Taubman, who was with Morgan Stanley for more than 30 years, will retire at year-end, the company said. Kelleher, who was chief financial officer of the company during the financial crisis, also will join the firm's operating committee.
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