NEW YORK (Reuters) - Richard Berner, Morgan Stanley’s chief U.S. economist, is leaving the firm.
Berner, 64, informed the firm of his “desire to retire,” according to a memo sent to Morgan Stanley employees on Friday.
No replacement has been announced. David Greenlaw, the firm’s chief U.S. fixed income economist, will take over Berner’s role in the interim and Berner will remain during the transition.
Berner joined Morgan Stanley in 1999 and spent 3 years as co-head of the firm’s global economics team and 11 years as chief U.S. economist.
Prior to that, Berner was chief economist at Mellon Bank and also worked for 7 years on the research staff at the Federal Reserve in Washington.
News of Berner’s departure comes just a day after Morgan Stanley Chief Executive James Gorman announced a number of key executive changes across its fixed-income trading and retail brokerage units. [nN14141758]
Reporting by Helen Kearney; Editing by Richard Chang