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Susan Carroll, Morgan Stanley Bank’s Operating Chief, Dies at 50

Susan E. Carroll, who helped lead Morgan Stanley (MS) Bank for eight years, when its assets rose almost 15-fold, has died. She was 50.

She died on Feb. 18, according to a memo sent to Morgan Stanley employees from Colm Kelleher, head of the firm’s investment bank division, and Eric Heaton, president of Morgan Stanley Bank. Carroll died at New York Presbyterian Hospital of an autoimmune liver disease, according to Sandra Noonan, a spokeswoman for the bank.

Carroll was named a managing director at Morgan Stanley, owner of the world’s largest brokerage, in 2009. She helped run the firm’s Salt Lake City-based bank since 2004, a period when its assets increased to $80.5 billion from $5.4 billion, and was its chief operating officer.

Morgan Stanley Bank is one of the company’s two banking units and holds the majority of the firm’s customer deposits and makes corporate loans. Morgan Stanley became a bank holding company in 2008 in the midst of the financial crisis and collected more deposits from retail investors with the creation of a joint venture with Citigroup Inc.’s Smith Barney unit.

“She brought exceptional judgment and a strong sense of humor to her work, and she was sought after by colleagues for her counsel and sage advice,” Kelleher and Heaton said in the memo sent on Feb. 20. “She will be greatly missed.”

Susan Elizabeth Carroll was born on April 8, 1962, in Springfield, Massachusetts, to Richard Paul Carroll, an engineer, and the late Mary Ann Carroll. She earned a bachelor’s degree in business administration from the University of Notre Dame in South Bend, Indiana.

Focus Changes

She wanted to become a chemical engineer when she entered Notre Dame, her father said yesterday in an interview. She later switched to a business major and took summer classes to catch up.

Carroll began her career at the Federal Deposit Insurance Corp. in 1986 as a bank examiner in the regulator’s Boston region. She rose to field officer supervisor and in 1996 was named deputy director of the San Francisco region, which covered 11 states, according to a press release at the time.

She joined Morgan Stanley in Salt Lake City in 2004 and relocated to New York in 2007. Carroll was able to bring different teams within the bank together, Kelleher and Heaton wrote in the memo. That skill came in part from her playing field hockey at Notre Dame, her father said. She is a member of Notre Dame’s all-time field hockey roster.

“I think the team experience served her well through her career,” Richard Carroll said. “She was direct, upfront, and could be trusted.”

In addition to her father, Carroll, who lived in Brooklyn, New York, is survived by two sisters, Virginia A. Mann and Patricia N. Carroll, according to a death notice in the New York Times. A brother, Richard G. Carroll, predeceased her.

To contact the reporter on this story: Michael J. Moore in New York at mmoore55@bloomberg.net

To contact the editors responsible for this story: Charles W. Stevens at cstevens@bloomberg.net; David Scheer at dscheer@bloomberg.net

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