Morgan Stanley has appointed several executives who served at E*Trade to senior roles in the firm’s wealth division. According to the memo, the change was done to incorporate leaders from the online broker to top positions at Morgan Stanley’s wealth management division.
According to the head of wealth division at Morgan Stanley, Andy Saperstein, this move will create a unified leadership team that will work jointly to the firm’s success. Morgan Stanley acquired E*Trade in 2020 through a $13 billion deal.
New Executives from E*Trade
One of the executives that have been absorbed into Morgan Stanley is Chad Turner, the former Chief Financial Officer. Turner will be the new head of the bank’s digital direct business in the wealth management division. Mike Curcio, who previously worked as the head of self-directed brokerage at E*Trade, will be the new head of strategic transformation.
The former Chief Marketing Officer at E*Trade, Andrea Zaretsky, will retain the same role at Morgan Stanley, but this time in the wealth management division, Turner, Curcio, and Zaretsky will report to Morgan Stanley’s co-president, Saperstein.
Moreover, Mike Murphy, the leader of brokerage services at E*Trade, will head digital direct client services. The head of trading at E*Trade, Chris Larkin, will be responsible for trading across the wealth management division. Shane Mulron, the former head of institutional product and risk management at E*Trade, will be the new leader of business control and support at Morgan Stanley.
The other critical appointments the firm has made include Brett Goodman, who previously served as the leader of the strategy, communications, and investor relations at E*Trade will be part of the Strategic transformation team. Goodman will be reporting to Mike Curcio, the new head of strategic transformation.
Morgan Stanley’s Recent Staff Changes
Morgan Stanley has been making changes in its executive positions in recent weeks. The most recent change was in the prime brokerage division. Edward Keller, the former Global Head of prime brokerage services at Morgan Stanley, resigned from his previous role.
According to his resignation memo, Keller will be forfeiting his role at the US investment bank because of health concerns. However, he did not disclose details of the exact health condition. Keller has worked at Morgan Stanley since 19945, making him one of the bank’s longest-serving employees.
Keller will be replaced in his new role by Kim Shaw and Penny Novick. The two will serve as co-leaders in the Global prime brokerage division.