Morgan Stanley, Wall Street’s biggest stock-trading shop by revenue, promoted Peter Santoro to global head of equity trading after Sam Kellie-Smith was put in charge of the firm’s struggling fixed-income business.

Santoro, 44, had been head of equity trading for the Americas since 2010 at New York-based Morgan Stanley, according to a Jan. 25 memo to employees from Ted Pick, global head of trading. Kellie-Smith, who was Santoro’s boss as global head of equities, was assigned this month to help turn around the bank’s bond-trading business, where returns fell short of the firm’s targets.

Morgan Stanley’s equities business generated $8.13 billion of revenue in 2015, excluding accounting adjustments, the most of any Wall Street bank for the second straight year. Goldman Sachs Group Inc. ranks second.

Santoro has previously served as head of institutional markets at Citadel Investment Group LLC, global head of equity trading at Citigroup Inc. and chief executive officer of Knight Financial Products, where he developed the firm’s automated market-making business, according to the memo.

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