Morgan Stanley, the sixth-largest U.S. bank by assets, named Jim Rosenthal chief operating officer to succeed Thomas Nides, who left the firm to take a position in the U.S. State Department.
Rosenthal will lead the New York-based company’s operations and technology groups, as well as head its marketing, human resources and communications efforts, according to an internal memo from Chief Executive Officer James Gorman obtained today by Bloomberg News. Mark Lake, a Morgan Stanley spokesman, confirmed the memo.
Nides, 49, was confirmed by the U.S. Senate last month as deputy secretary of state for management and resources. Rosenthal, who currently serves as the firm’s head of strategy and COO for its brokerage unit, will continue in those roles in addition to his new responsibilities.
He has been overseeing the company’s integration of its brokerage joint venture with Citigroup Inc.’s Smith Barney unit. Morgan Stanley bought a controlling stake in the joint venture in 2009, giving it the largest brokerage force with more than 18,000 financial advisers.
Morgan Stanley’s government-relations group, which is led by Michael Stein, will report to Frank Barron, the firm’s chief legal officer who joined in September, according to the memo. The global sustainable finance group will report to Chief Financial Officer Ruth Porat.
Rosenthal, a graduate of Yale University and Harvard Law School, joined Morgan Stanley in 2008 from Tishman Speyer. He worked with Gorman at McKinsey & Co., which he left to join Lehman Brothers Holdings Inc. in 1999. He previously headed operations and technology at Morgan Stanley, before Gorman added that to Nides’s responsibilities in 2009.
To contact the editor responsible for this story: David Scheer at firstname.lastname@example.org.