A Little Bit of the Old “In-Out” at Morgan Stanley

There's a whole lot of shakin' goin' on over at Morgan Stanley. Head of U.S. Equities? Shel Johnson out, Rich Portogallo in. Head of Stock Research? Dennis Shea out, Juan-Luis Perez in. Head of Fixed Income Research? Ryan Marshall out, Steve Penwell in. What's all this supposed to accomplish? According to acting President Zoe Cruz, the changes "will enable us to identify and help capture new business, particularly by working more effectively with clients across asset classes." Oooh, we get goose bumps just imagining all the synergistic possibilities and economies of scale. Not! More like: "We're desperate and will try anything at this point." MS Plans to Combine Some Units [Wall Street Journal]

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