Morgan Stanley shakes up management team

Morgan Stanley has announced a management overhaul, naming Walid Chammah and James Gorman as co-presidents of the firm. They will replace Zoe Cruz, who spent 25 years at the firm, and Robert Scully, who will take on a newly created role in the office of the chairman, focusing on global sovereign investors.

Chammah, who was previously chairman and chief executive of the firm’s international business, will now oversee the institutional securities division. He will remain in London. New York-based

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