Morgan Stanley has named four executives to its operating committee, including fixed-income trading co-heads Michael Heaney and Robert Rooney, a person briefed on the move said.
Bloomberg News reports that Shelley O’Connor, who runs the New York-based firm’s private bank, and Andy Saperstein, head of the brokerage’s investment products and services unit, were also added to the committee, bringing it to 16 members, said the person, who asked to remain anonymous because the decision wasn’t yet public.
Chief Executive Officer James Gorman, 55, has signaled his commitment to the fixed-income trading unit as some rivals have exited large parts of the business. Gorman has also identified higher profit margins at the brokerage and an increase in lending to clients through the private bank as major parts of his strategy to boost Morgan Stanley’s return on equity.
'These appointments reflect the importance to the firm of the businesses these individuals run and the leadership role each plays in driving our firm strategy and our future success', Gorman wrote in an internal memo, according to the person.
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