Morgan Stanley Restructures Management

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The leading financial services firm Morgan Stanley said Thursday it is consolidating the Global Wealth Management Group and that its president and COO will now serve as head of national sales: overseeing the firm's financial advisers.

The company said in addition to consolidating the group there will now be four regions instead of the prior eight, with no management layers between the president and the regional managements. Two of the regional directors have already served with the firm while the remaining two have most recently come from Merrill Lynch.

Shares of the company climbed 30 cents to $59.94 in trading the afternoon the restructuring occurred.

 

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