People News: Morgan Stanley, Citigroup

Morgan Stanley named Vince Lumia head of the firm’s private wealth-management business, replacing Eric Benedict, who is leaving after 19 years.

Bloomberg News reports that Elizabeth Dennis will succeed Lumia as head of capital markets for the brokerage division, according to a memo sent by Greg Fleming, president of wealth management for the bank.

Lumia had replaced Benedict in the capital-markets role last May, when Benedict took the private-wealth job.

In the meantime, Reuters reports that Citigroup said Douglas Trauber would join its corporate and investment banking group as global co-head of retail in August.

Trauber will oversee the retail banking team with Richard Moriarty, Citi said on Monday.

Morgan Stanley Private Wealth-Management Head Benedict Leaves

Citigroup appoints Douglas Trauber as global co-head of retail

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