Nov 5 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.