| NEW YORK, July 3
NEW YORK, July 3 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
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
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
Carter will serve as chairman of global capital markets,
focused on client relations but with no staff reporting to
(Editing by Dave Zimmerman)