Reshaping the business.
Morgan Stanley named a new head for its fixed-income trading unit as it seeks to turn around the struggling business.
Reuters reports that Sam Kellie-Smith, who previously ran equity trading, will replace global fixed-income co-heads Robert Rooney and Michael Heaney and will also take on responsibility for the commodities division, according to a memo on Thursday from the bank.
The changes come as Morgan Stanley reshapes its bond trading unit. The bank said late last year it is cutting 25% of its fixed income jobs as increased regulation has made trading bonds less profitable.
Ted Pick, who previously ran the bank's equities trading unit, was tasked by Gorman last year to oversee its entire trading business. Under Pick and recently promoted president Colm Kelleher, the bank is moving key equities executives to fixed income as it tries to facilitate better coordination between the two desks.
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