3 Min Read
NEW YORK, July 3 (Reuters) - The changing of the guard continues at Morgan Stanley (MS.N) as John Shapiro, a 24-year veteran and executive who helped build one of Wall Street's largest energy-trading businesses, retired.
According to an internal memo obtained by Reuters, Shapiro "informed us of his intention to retire" as global head of commodities. Simon Greenshields and Colin Bryce, both 52, succeed Shapiro, who will stay on to advise the firm through the end of this year.
The move comes a few weeks after the investment bank disclosed a 57 percent drop in second-quarter earnings that included commodities trading losses.
Morgan Stanley confirmed the contents of the memo but declined further comment.
Shapiro, 56, who oversaw the commodities' unit most successful period during his three years at the helm, had expressed his interest in retiring months ago. Those plans were postponed after Neal Shear, who founded the bank's commodities arm in 1982 and most recently was its global head, quit in March.
Greenshields runs the bank's natural gas and power trading business, and was rewarded with a promotion despite wrong-way power sector bets that sank second-quarter results. Bryce has run Morgan's European commodities business and more recently oversaw European sales and trading across all markets.
These moves come on the heels of new leadership in Morgan' global capital markets business, which underwrites debt, equity and other securities for clients.
London-based John Hyman this week was named one of the three co-heads along with New York-based Ted Pick, co-head of equity capital markets, and Raj Dhanda, who had run debt capital markets.
The trio replace Christopher Carter, a vice chairman of institutional securities who was named head of capital markets when Colm Kelleher was promoted to become the firm's chief financial officer.
Carter will serve as chairman of global capital markets, focused on client relations but with no staff reporting to him. (Editing by Dave Zimmerman)