March 5 Morgan Stanley has hired Chris
Randazzo to become head of technology for its wealth management
and investment management divisions, according to an internal
memo viewed by Reuters.
Randazzo had the same role at Morgan Stanley rival Bank of
America Corp, and will replace Moira Kilcoyne, who was
recently promoted to chief operating officer of Morgan Stanley
Randazzo will join Morgan Stanley's executive committee,
according to the memo, which was sent by Gregory Fleming, who is
president of Morgan Stanley's wealth and investment management
The appointment comes after Morgan Stanley suffered through
technological setbacks last year when launching a new platform
for financial advisers called 3D. Morgan Stanley has since
committed $500 million beyond its basic operating costs to make
the 3D system more stable and functional.
Randazzo, who has 19 years of experience in senior
technology roles, will take the new position after satisfying
gardening leave requirements at Bank of America.