Six weeks after being named to lead Morgan Stanley's brokerage force of more than 16,000 financial advisers, managing director Shelley O'Connor has streamlined the sales organization and replaced some key executives.
Reuters reports that in a memo to the firm's wealth management division employees, O'Connor said a tour of the branches at the world's biggest brokerage convinced her that local managers need more power, resources and the ability to work more efficiently.
She also is reducing expenses by shrinking the company's three geographic divisions in the United States to two and trimming the regions that report to the division heads to eight from 12.
Bill McMahon and Rick Skae remain as Morgan Stanley's two division heads, running the western and eastern divisions, respectively.
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