James Gorman shakes up top team at Morgan Stanley

Morgan Stanley chief executive James Gorman on Thursday made a string of leadership changes at the US bank, including promoting two top deputies, Ted Pick and Andy Saperstein, to be co-presidents.

The elevation of Pick and Saperstein makes them strong candidates to eventually succeed Gorman, who has led the business since 2010. Gorman also moved chief financial officer Jonathan Pruzan to chief operating officer, and named investment chief Dan Simkowitz as co-head of firm strategy and execution with Pick.

Sharon Yeshaya, head of investor relations, will replace Pruzan as CFO.

The move comes days after Morgan Stanley’s Wall Street rival JPMorgan Chase unveiled its own leadership shake-up.

More to follow.

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